Rocket Companies, Inc. (NYSE:RKT) Stock Has Consensus Price Target of $18.88

Key Points

• Analysts rate Rocket Companies “Moderate Buy,” with eight buy ratings and seven holds; the average 12-month price target is $18.88.
• Several firms recently reduced their price targets, including Barclays to $15, Benchmark to $19 and JPMorgan to $12.50, while Morgan Stanley maintained an overweight rating with a $16 target.
• Rocket shares opened at $11.57, down 2.2%, and remain well below their 52-week high of $24.36. The company matched quarterly EPS expectations at $0.16, while revenue of $2.76 billion fell short of estimates.

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) has been given an average rating of "Moderate Buy" by the fifteen analysts that are covering the firm, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $18.88.

RKT has been the subject of several recent research reports. Barclays cut their price objective on Rocket Companies from $17.00 to $15.00 and set an "overweight" rating for the company in a report on Monday, October 5th. Benchmark lowered their target price on Rocket Companies from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. Morgan Stanley set a $16.00 target price on Rocket Companies and gave the stock an "overweight" rating in a research report on Monday, October 12th. Weiss Ratings upgraded Rocket Companies from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, October 8th. Finally, JPMorgan Chase & Co. lowered their price target on Rocket Companies from $14.00 to $12.50 and set a "neutral" rating for the company in a research note on Monday, October 12th.

Insider Buying and Selling

In related news, CEO Jesse Bray sold 92,300 shares of Rocket Companies stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $12.39, for a total value of $1,143,597.00. Following the completion of the sale, the chief executive officer owned 7,728,027 shares of the company's stock, valued at approximately $95,750,254.53. The trade was a 1.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 450,000 shares of company stock valued at $5,687,074 over the last ninety days. Insiders own 57.68% of the company's stock.

Hedge Funds Weigh In On Rocket Companies

Several hedge funds have recently bought and sold shares of RKT. State of Wyoming acquired a new position in Rocket Companies in the 3rd quarter worth about $503,000. Brooklands Fund Management Ltd grew its holdings in Rocket Companies by 3,330.9% in the third quarter. Brooklands Fund Management Ltd now owns 2,602,700 shares of the company's stock valued at $29,957,000 after purchasing an additional 2,526,840 shares during the period. North Dakota State Investment Board grew its holdings in Rocket Companies by 6.0% in the third quarter. North Dakota State Investment Board now owns 29,669 shares of the company's stock valued at $341,000 after purchasing an additional 1,668 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. increased its position in shares of Rocket Companies by 2.7% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,881,411 shares of the company's stock valued at $21,655,000 after buying an additional 49,478 shares in the last quarter. Finally, Blume Capital Management Inc. purchased a new stake in shares of Rocket Companies in the third quarter valued at approximately $541,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Trading Down 2.2%

Shares of NYSE RKT opened at $11.57 on Thursday. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16. Rocket Companies has a 12 month low of $10.18 and a 12 month high of $24.36. The company has a market cap of $32.78 billion, a price-to-earnings ratio of 82.68, a P/E/G ratio of 3.51 and a beta of 2.23. The business has a fifty day simple moving average of $12.46 and a 200-day simple moving average of $14.87.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%. The business's revenue for the quarter was up 91.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.04 EPS. Sell-side analysts predict that Rocket Companies will post 0.48 EPS for the current year.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based financial technology company that operates a portfolio of consumer finance and real estate businesses. Its platform is designed to simplify the homeownership process through digital applications, automated workflows and online customer support.

The company's principal business is Rocket Mortgage, a residential mortgage lender and servicer offering home purchase, refinance and home equity products. Its broader portfolio includes Rocket Homes, a real estate services platform; Rocket Money, a personal finance app that helps consumers manage subscriptions, budgets and bills; Rocket Loans, which provides personal loans; and Rocket Pro, which supports mortgage brokers and other partners.

Rocket Companies traces its history to 1985, when Dan Gilbert founded Rock Financial.

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