Rocket Companies (NYSE:RKT) Upgraded by Benchmark to “Strong-Buy” Rating

Rocket Companies (NYSE:RKT) was upgraded by equities researchers at Benchmark to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

RKT has been the topic of several other reports. JPMorgan Chase & Co. dropped their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Citizens Jmp started coverage on Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating for the company. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Stephens initiated coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective on the stock. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.87.

Rocket Companies Stock Up 0.7%

Shares of Rocket Companies stock opened at $15.87 on Monday. Rocket Companies has a twelve month low of $12.17 and a twelve month high of $24.36. The stock has a market cap of $44.89 billion, a price-to-earnings ratio of 317.34 and a beta of 2.16. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The company has a fifty day moving average price of $14.19 and a 200 day moving average price of $16.63.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm’s revenue was up 167.1% compared to the same quarter last year. During the same period last year, the company posted $0.04 earnings per share. Equities research analysts forecast that Rocket Companies will post 0.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RKT. Vanguard Group Inc. increased its holdings in Rocket Companies by 280.3% during the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Rocket Companies by 11,636.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after buying an additional 25,966,725 shares during the last quarter. Morgan Stanley boosted its stake in shares of Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after buying an additional 22,196,782 shares during the last quarter. State Street Corp grew its position in shares of Rocket Companies by 323.9% during the fourth quarter. State Street Corp now owns 20,688,336 shares of the company’s stock worth $400,526,000 after buying an additional 15,807,776 shares in the last quarter. Finally, ValueAct Holdings L.P. grew its position in shares of Rocket Companies by 55.1% during the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after buying an additional 13,985,025 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.