Rocket Companies (NYSE:RKT) Shares Gap Up Following Analyst Upgrade

Rocket Companies, Inc. (NYSE:RKT) shares gapped up prior to trading on Monday after Keefe, Bruyette & Woods upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $14.14, but opened at $14.99. Keefe, Bruyette & Woods now has a $22.00 price target on the stock, up from their previous price target of $20.00. Rocket Companies shares last traded at $15.07, with a volume of 4,110,885 shares trading hands.

RKT has been the topic of a number of other reports. Barclays set a $22.00 target price on shares of Rocket Companies and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. Jefferies Financial Group started coverage on shares of Rocket Companies in a research report on Friday, December 19th. They issued a “buy” rating and a $25.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on Rocket Companies in a research report on Monday, January 12th. They issued a “neutral” rating and a $24.00 price objective on the stock. BTIG Research reissued a “buy” rating and issued a $25.00 target price on shares of Rocket Companies in a research note on Wednesday, November 19th. Finally, Compass Point assumed coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rocket Companies has an average rating of “Hold” and a consensus price target of $20.80.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction on Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. The trade was a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 22,500 shares of company stock valued at $453,775 over the last quarter. 92.64% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors have recently made changes to their positions in RKT. World Investment Advisors acquired a new position in Rocket Companies in the fourth quarter valued at about $526,000. Corient Private Wealth LLC grew its position in shares of Rocket Companies by 66.7% during the 4th quarter. Corient Private Wealth LLC now owns 107,493 shares of the company’s stock worth $2,042,000 after buying an additional 43,022 shares during the period. EMC Capital Management bought a new stake in shares of Rocket Companies in the 4th quarter valued at about $774,000. Hsbc Holdings PLC increased its stake in shares of Rocket Companies by 2,876.6% in the 4th quarter. Hsbc Holdings PLC now owns 1,254,973 shares of the company’s stock valued at $24,357,000 after acquiring an additional 1,212,812 shares during the last quarter. Finally, Bank of Hawaii raised its position in shares of Rocket Companies by 101.2% in the 4th quarter. Bank of Hawaii now owns 92,777 shares of the company’s stock valued at $1,796,000 after acquiring an additional 46,672 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Stock Up 6.0%

The firm’s 50 day moving average is $19.22 and its two-hundred day moving average is $18.72. The firm has a market cap of $31.56 billion, a P/E ratio of -115.33 and a beta of 2.30. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The business’s quarterly revenue was up 52.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.04 earnings per share. As a group, research analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

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.