Analysts Set Rocket Companies, Inc. (NYSE:RKT) PT at $20.93

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $20.9286.

A number of research firms recently commented on RKT. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Wells Fargo & Company lowered their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Finally, Compass Point assumed coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price on the stock.

Institutional Investors Weigh In On Rocket Companies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised 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 valued at $1,689,287,000 after acquiring an additional 64,311,040 shares during the period. ValueAct Holdings L.P. raised its holdings in Rocket Companies by 55.1% during the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after acquiring an additional 13,985,025 shares during the period. Nuveen LLC raised its holdings in Rocket Companies by 5.5% during the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after acquiring an additional 1,706,659 shares during the period. Morgan Stanley raised its holdings in 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 acquiring an additional 22,196,782 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in 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 acquiring an additional 25,966,725 shares during the period. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Down 7.5%

NYSE:RKT opened at $12.98 on Monday. 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 stock has a market capitalization of $36.72 billion, a PE ratio of 259.56 and a beta of 2.19. The firm’s 50 day moving average is $14.59 and its 200 day moving average is $17.29. Rocket Companies has a 12 month low of $12.38 and a 12 month high of $24.36.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. Rocket Companies’s revenue was up 167.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.04 EPS. Sell-side analysts expect that Rocket Companies will post 0.65 earnings per share for the current 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.