Rocket Companies, Inc. (NYSE:RKT) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts give Rocket Companies a “Moderate Buy” consensus: Ten of 19 analysts rate the stock a buy, while nine recommend holding it. The average 12-month price target is approximately $19.87, above its reported opening price of $13.82.
• Several firms recently lowered their price targets, including Keefe, Bruyette & Woods, Barclays, and Stephens, though they maintained positive or neutral ratings.
• Rocket Companies matched quarterly earnings expectations at $0.16 per share, while revenue rose 91.9% year over year to $2.76 billion but came in slightly below forecasts.

Shares of Rocket Companies, Inc. (NYSE:RKT - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the nineteen analysts that are currently covering the firm, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $19.8667.

Several research firms have recently issued reports on RKT. Keefe, Bruyette & Woods lowered their target price on shares of Rocket Companies from $20.00 to $19.00 and set an "outperform" rating for the company in a report on Monday, August 10th. BTIG Research reaffirmed a "neutral" rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Barclays lowered their price objective on Rocket Companies from $19.00 to $17.00 and set an "overweight" rating for the company in a research note on Tuesday, July 7th. Weiss Ratings downgraded Rocket Companies from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Finally, Stephens cut their target price on Rocket Companies from $22.50 to $20.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th.

Rocket Companies Price Performance

RKT opened at $13.82 on Wednesday. The company has a current ratio of 4.85, a quick ratio of 4.85 and a debt-to-equity ratio of 1.16. The company has a market cap of $39.14 billion, a price-to-earnings ratio of 98.72 and a beta of 2.20. The stock has a fifty day simple moving average of $14.11 and a two-hundred day simple moving average of $14.53. Rocket Companies has a 12-month low of $12.17 and a 12-month high of $24.36.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.16 EPS for the quarter, meeting analysts' consensus estimates of $0.16. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The firm had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.81 billion. During the same quarter in the previous year, the business posted $0.04 EPS. The company's quarterly revenue was up 91.9% on a year-over-year basis. Research analysts predict that Rocket Companies will post 0.53 earnings per share for the current fiscal year.

Institutional Trading of Rocket Companies

A number of institutional investors and hedge funds have recently bought and sold shares of RKT. Amundi grew its position in Rocket Companies by 152.1% during the first quarter. Amundi now owns 13,725,878 shares of the company's stock valued at $195,594,000 after buying an additional 8,280,463 shares during the period. Prescott Group Capital Management L.L.C. bought a new position in Rocket Companies in the fourth quarter worth approximately $4,259,000. Andra AP fonden boosted its stake in shares of Rocket Companies by 48.0% during the 1st quarter. Andra AP fonden now owns 729,357 shares of the company's stock worth $10,393,000 after acquiring an additional 236,632 shares during the last quarter. OCO Capital Partners L.P. purchased a new position in shares of Rocket Companies during the 4th quarter worth $68,728,000. Finally, Swiss National Bank grew its position in shares of Rocket Companies by 7.2% during the 1st quarter. Swiss National Bank now owns 2,696,000 shares of the company's stock valued at $38,418,000 after acquiring an additional 180,500 shares during the period. 4.59% of the stock is currently owned by institutional investors.

About Rocket Companies

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.

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