Analysts Set Rocket Companies, Inc. (NYSE:RKT) Target Price at $20.86

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus recommendation of “Hold” from the nineteen research firms that are covering the stock, Marketbeat reports. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $20.8667.

A number of research firms recently weighed in on RKT. Stephens began coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. Citizens Jmp initiated coverage on Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating on the stock. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Finally, Keefe, Bruyette & Woods cut their target price on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently modified their holdings of RKT. Truvestments Capital LLC bought a new position in shares of Rocket Companies during the fourth quarter worth $26,000. Acumen Wealth Advisors LLC purchased a new stake in Rocket Companies in the 4th quarter worth $26,000. Pinnacle Bancorp Inc. boosted its holdings in shares of Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank bought a new position in shares of Rocket Companies during the 4th quarter valued at about $30,000. Finally, Smithfield Trust Co purchased a new position in shares of Rocket Companies during the fourth quarter valued at about $32,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Up 1.7%

Rocket Companies stock opened at $15.76 on Friday. Rocket Companies has a 12-month low of $12.17 and a 12-month high of $24.36. The firm has a market capitalization of $44.60 billion, a price-to-earnings ratio of 315.24 and a beta of 2.19. The firm has a 50 day moving average of $14.22 and a 200 day moving average of $16.65. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.04 earnings per share. As a group, research analysts predict that Rocket Companies will post 0.63 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.