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

Rocket Companies, Inc. (NYSE:RKT) has earned an average recommendation of “Reduce” from the twelve ratings firms that are covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a sell recommendation and seven have given a hold recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $15.13.

Several equities research analysts have issued reports on the company. Bank of America raised their price target on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a report on Thursday, November 14th. Morgan Stanley assumed coverage on Rocket Companies in a report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price target for the company. Barclays cut their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, November 13th. Piper Sandler cut their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. lifted their target price on Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a report on Monday, October 7th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Lakeshore Financial Planning Inc. increased its position in shares of Rocket Companies by 8.0% in the second quarter. Lakeshore Financial Planning Inc. now owns 13,496 shares of the company’s stock worth $185,000 after purchasing an additional 1,000 shares during the period. Wedmont Private Capital increased its position in shares of Rocket Companies by 8.9% in the third quarter. Wedmont Private Capital now owns 15,937 shares of the company’s stock worth $279,000 after purchasing an additional 1,305 shares during the period. Arizona State Retirement System grew its position in Rocket Companies by 6.0% in the second quarter. Arizona State Retirement System now owns 34,974 shares of the company’s stock valued at $479,000 after acquiring an additional 1,979 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Rocket Companies in the third quarter valued at about $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Rocket Companies by 7.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,217 shares of the company’s stock valued at $428,000 after acquiring an additional 2,064 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Up 2.0 %

NYSE RKT opened at $14.34 on Thursday. The company has a market cap of $28.60 billion, a PE ratio of -89.63 and a beta of 2.46. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies has a 12 month low of $9.06 and a 12 month high of $21.38. The stock has a 50 day moving average of $16.64 and a 200-day moving average of $16.31.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm posted ($0.01) EPS. The company’s quarterly revenue was down 46.2% on a year-over-year basis. On average, equities research analysts anticipate that Rocket Companies will post 0.16 EPS for the current fiscal year.

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.