Rocket Companies, Inc. (NYSE:RKT) Given Consensus Rating of "Reduce" by Analysts

Key Points

• Rocket Companies, Inc. has received a consensus rating of "Reduce" from twelve brokerages; two analysts rated it as a sell, nine as hold, and one as buy.
• The average 1-year target price for Rocket Companies is $14.54, with recent adjustments made by firms such as UBS and Barclays.
• Rocket Companies reported $1.36 billion in revenue for the last quarter, exceeding estimates, along with earnings of $0.04 per share compared to a forecast of $0.03.

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) has been given a consensus recommendation of "Reduce" by the twelve brokerages that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $14.5417.

A number of analysts have weighed in on RKT shares. UBS Group increased their target price on shares of Rocket Companies from $13.00 to $14.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Barclays increased their price objective on shares of Rocket Companies from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Friday. The Goldman Sachs Group boosted their target price on shares of Rocket Companies from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods upped their price target on shares of Rocket Companies from $13.00 to $14.00 and gave the company a "market perform" rating in a research report on Thursday, July 10th. Finally, Wedbush reiterated a "neutral" rating and set a $12.00 price target (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th.

Rocket Companies Trading Up 2.3%

Shares of RKT opened at $16.92 on Tuesday. The company has a debt-to-equity ratio of 2.36, a quick ratio of 12.62 and a current ratio of 18.74. Rocket Companies has a 52-week low of $10.06 and a 52-week high of $21.38. The firm has a market cap of $33.84 billion, a price-to-earnings ratio of -338.40 and a beta of 2.28. The business's fifty day moving average is $14.06 and its 200-day moving average is $13.37.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Rocket Companies had a negative net margin of 0.01% and a positive return on equity of 3.18%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the business earned $0.06 earnings per share. The company's revenue for the quarter was up 4.5% compared to the same quarter last year. Equities analysts anticipate that Rocket Companies will post 0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently bought and sold shares of RKT. Boston Partners lifted its stake in shares of Rocket Companies by 11.3% during the 1st quarter. Boston Partners now owns 13,704,339 shares of the company's stock valued at $165,421,000 after buying an additional 1,390,559 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Rocket Companies by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,793,549 shares of the company's stock valued at $154,418,000 after purchasing an additional 273,475 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Rocket Companies by 52.7% during the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock valued at $91,455,000 after purchasing an additional 2,804,090 shares during the period. Nuveen LLC purchased a new stake in Rocket Companies during the 1st quarter worth about $96,470,000. Finally, Wellington Management Group LLP boosted its stake in Rocket Companies by 1.5% in the 1st quarter. Wellington Management Group LLP now owns 4,774,324 shares of the company's stock worth $57,626,000 after purchasing an additional 69,147 shares during the period. 4.59% of the stock is owned by institutional investors.

About Rocket Companies

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.

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