Rocket Companies, Inc. (NYSE:RKT) Given Average Recommendation of “Reduce” by Analysts

Rocket Companies, Inc. (NYSE:RKT) has been assigned an average rating of “Reduce” from the eleven research firms that are currently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $14.89.

RKT has been the subject of several recent research reports. Royal Bank of Canada upped their price target on shares of Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 11th. Wells Fargo & Company raised their price target on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. boosted their price objective on Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft increased their price objective on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Finally, Wedbush lifted their target price on Rocket Companies from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th.

Rocket Companies Stock Performance

Rocket Companies stock opened at $15.71 on Friday. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18. Rocket Companies has a 12 month low of $7.68 and a 12 month high of $21.38. The company has a fifty day moving average price of $18.46 and a two-hundred day moving average price of $16.07. The company has a market cap of $31.25 billion, a PE ratio of 224.46 and a beta of 2.46.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.22 billion. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) EPS. Research analysts expect that Rocket Companies will post 0.23 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Companies

Several large investors have recently made changes to their positions in RKT. Capital Performance Advisors LLP acquired a new stake in shares of Rocket Companies during the 3rd quarter valued at $39,000. Philip James Wealth Mangement LLC acquired a new stake in shares of Rocket Companies during the third quarter worth $6,811,000. QRG Capital Management Inc. lifted its holdings in shares of Rocket Companies by 2.5% during the third quarter. QRG Capital Management Inc. now owns 229,639 shares of the company’s stock valued at $4,407,000 after purchasing an additional 5,587 shares during the last quarter. SteelPeak Wealth LLC acquired a new position in shares of Rocket Companies in the 3rd quarter valued at $567,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Rocket Companies by 14.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 22,566 shares of the company’s stock worth $433,000 after purchasing an additional 2,766 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Company Profile

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.