Rocket Companies, Inc. (NYSE:RKT) Receives $20.50 Consensus Target Price from Brokerages

Rocket Companies, Inc. (NYSE:RKT) has received an average rating of “Hold” from the sixteen research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, ten have given a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $20.50.

RKT has been the topic of a number of research reports. Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. JPMorgan Chase & Co. began coverage on Rocket Companies in a research note on Monday, January 12th. They issued a “neutral” rating and a $24.00 price objective on the stock. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Keefe, Bruyette & Woods raised their price target on shares of Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. Finally, Barclays set a $22.00 price target on shares of Rocket Companies and gave the company an “equal weight” rating in a research note on Tuesday, January 6th.

Rocket Companies Trading Down 0.2%

RKT stock opened at $20.73 on Tuesday. Rocket Companies has a 52 week low of $10.94 and a 52 week high of $24.36. The company’s 50-day simple moving average is $20.22 and its 200 day simple moving average is $18.49. The company has a market capitalization of $43.62 billion, a PE ratio of 259.09 and a beta of 2.29. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, October 30th. The company reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. The firm had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the firm earned $0.08 EPS. The business’s quarterly revenue was up 148.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Rocket Companies will post 0.15 earnings per share for the current year.

Insider Buying and Selling at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total transaction of $48,600.00. Following the transaction, the director directly owned 1,066,036 shares of the company’s stock, valued at $20,723,739.84. This trade represents a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 40,000 shares of company stock valued at $779,425 in the last 90 days. 92.64% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Companies

Large investors have recently modified their holdings of the stock. Cloud Capital Management LLC bought a new stake in shares of Rocket Companies in the third quarter valued at approximately $25,000. North Capital Inc. grew its stake in Rocket Companies by 287.2% in the 2nd quarter. North Capital Inc. now owns 1,820 shares of the company’s stock valued at $26,000 after buying an additional 1,350 shares in the last quarter. SouthState Corp raised its holdings in Rocket Companies by 2,044.8% during the 2nd quarter. SouthState Corp now owns 2,059 shares of the company’s stock valued at $29,000 after acquiring an additional 1,963 shares during the period. Pinnacle Bancorp Inc. boosted its holdings in shares of Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after acquiring an additional 1,183 shares during the period. Finally, City State Bank bought a new position in shares of Rocket Companies in the fourth quarter worth $30,000. 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.