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

Key Points

• Rocket Companies has a consensus analyst rating of "Moderate Buy" from 19 brokerages, with nine hold ratings, nine buy ratings, and one strong buy. The average 12-month price target is about $20.73.
• The stock was down 3.9% in the latest session, opening at $13.97, with a 52-week range of $12.17 to $24.36. It also has a high beta of 2.16, indicating notable volatility.
• Rocket Companies’ most recent earnings beat expectations, posting $0.15 EPS versus the $0.12 estimate and revenue of $2.82 billion, up 167.1% year over year. Analysts currently forecast $0.59 EPS for the full fiscal year.

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) has received a consensus rating of "Moderate Buy" from the nineteen brokerages that are covering the stock, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $20.7333.

Several research analysts have commented on the stock. Barclays lowered their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an "overweight" rating for the company in a research report on Tuesday, July 7th. Benchmark assumed coverage on Rocket Companies in a report on Monday, June 29th. They set a "buy" rating and a $21.00 price target for the company. Wells Fargo & Company dropped their price objective on Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a research report on Thursday, April 9th. BTIG Research reiterated a "neutral" rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Finally, Weiss Ratings raised Rocket Companies from a "sell (d)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th.

Institutional Investors Weigh In On Rocket Companies

Several hedge funds have recently modified their holdings of RKT. Handelsbanken Fonder AB increased its holdings in Rocket Companies by 1.3% in the 2nd quarter. Handelsbanken Fonder AB now owns 203,094 shares of the company's stock worth $3,199,000 after purchasing an additional 2,615 shares in the last quarter. Fulton Bank N.A. acquired a new stake in shares of Rocket Companies during the second quarter valued at about $200,000. Valeo Financial Advisors LLC boosted its stake in shares of Rocket Companies by 4.2% during the second quarter. Valeo Financial Advisors LLC now owns 20,473 shares of the company's stock valued at $322,000 after purchasing an additional 823 shares in the last quarter. MFG Wealth Management Inc. grew its holdings in shares of Rocket Companies by 20.2% during the second quarter. MFG Wealth Management Inc. now owns 234,540 shares of the company's stock worth $3,694,000 after purchasing an additional 39,449 shares during the last quarter. Finally, FNY Investment Advisers LLC increased its stake in shares of Rocket Companies by 18,081.8% in the second quarter. FNY Investment Advisers LLC now owns 10,000 shares of the company's stock valued at $157,000 after buying an additional 9,945 shares during the period. Institutional investors and hedge funds own 4.59% of the company's stock.

Rocket Companies Stock Down 3.9%

Shares of NYSE RKT opened at $13.97 on Tuesday. The stock has a market capitalization of $39.54 billion, a P/E ratio of 279.48 and a beta of 2.16. The stock's fifty day moving average is $14.11 and its 200 day moving average is $16.23. Rocket Companies has a 52 week low of $12.17 and a 52 week high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37.

Rocket Companies (NYSE:RKT - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the firm earned $0.04 EPS. The business's quarterly revenue was up 167.1% compared to the same quarter last year. Sell-side analysts forecast that Rocket Companies will post 0.59 earnings per share for the current fiscal year.

Rocket Companies Company Profile

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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