Rocket Companies, Inc. (NYSE:RKT) Receives Consensus Rating of “Reduce” from Analysts

Rocket Companies, Inc. (NYSE:RKT) has been assigned an average rating of “Reduce” from the thirteen brokerages that are covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $10.60.

A number of research firms have weighed in on RKT. Royal Bank of Canada increased their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the stock a “sector perform” rating in a research note on Friday, May 3rd. Wedbush reissued a “neutral” rating and set a $13.00 price target on shares of Rocket Companies in a research report on Friday, May 3rd. Piper Sandler raised their price objective on Rocket Companies from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Bank of America boosted their target price on Rocket Companies from $7.00 to $8.00 and gave the stock an “underperform” rating in a report on Monday, March 18th. Finally, JPMorgan Chase & Co. raised their price target on shares of Rocket Companies from $10.50 to $11.00 and gave the company an “underweight” rating in a report on Friday, May 3rd.

Hedge Funds Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Fund Management S.A. grew its position in Rocket Companies by 27.8% during the fourth quarter. Capital Fund Management S.A. now owns 502,110 shares of the company’s stock valued at $7,271,000 after purchasing an additional 109,278 shares in the last quarter. Nisa Investment Advisors LLC purchased a new stake in shares of Rocket Companies during the fourth quarter worth $886,000. Wedmont Private Capital acquired a new stake in Rocket Companies during the first quarter valued at $154,000. Hsbc Holdings PLC boosted its position in Rocket Companies by 56.4% during the third quarter. Hsbc Holdings PLC now owns 40,195 shares of the company’s stock valued at $330,000 after purchasing an additional 14,503 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in Rocket Companies by 1,348.3% in the 4th quarter. International Assets Investment Management LLC now owns 34,889 shares of the company’s stock worth $505,000 after purchasing an additional 32,480 shares during the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Down 0.7 %

Shares of Rocket Companies stock opened at $13.70 on Monday. Rocket Companies has a 1 year low of $7.17 and a 1 year high of $15.81. The company has a debt-to-equity ratio of 1.20, a current ratio of 12.83 and a quick ratio of 12.83. The business has a 50 day moving average price of $13.81 and a 200 day moving average price of $13.12. The company has a market capitalization of $27.24 billion, a P/E ratio of 124.56 and a beta of 2.44.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 2nd. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.08. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.02 billion. Rocket Companies had a net margin of 0.43% and a negative return on equity of 1.05%. Sell-side analysts anticipate that Rocket Companies will post 0.24 EPS for the current fiscal year.

About Rocket Companies

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.