Rocket Companies, Inc. (NYSE:RKT) Receives Average Analyst Rating of “Hold”
Rocket Companies, Inc. (NYSE: RKT – Get a rating) received an average rating of “Hold” by the fourteen analysts who currently cover the stock, Market assessments reports. One research analyst rated the stock with a sell recommendation, nine gave the company a hold recommendation and one gave the company a buy recommendation. The 1-year average target price among analysts who have covered the stock over the past year is $11.88.
RKT has been the subject of several research reports. Citigroup downgraded Rocket Companies from a “buy” rating to a “neutral” rating and lowered its share price target from $14.00 to $8.00 in a Wednesday, May 11, report. Goldman Sachs Group lowered its price target on Rocket Companies from $14.00 to $11.50 and set a “neutral” rating for the company in a Monday, April 4 report. Morgan Stanley cut its price target on Rocket Companies from $12.00 to $11.00 and set an “equal weight” rating on the stock in a Thursday, April 7 research report. Royal Bank of Canada reduced its price target on Rocket Companies from $18.00 to $9.00 in a Thursday, May 12 research report. Finally, Wedbush reduced its price target on Rocket Companies to $7.00 and gave the stock an “na” rating in a Tuesday, May 17 research report.
RKT opened at $7.90 on Friday. The company has a debt ratio of 1.40, a current ratio of 13.54 and a quick ratio of 13.54. The stock has a market capitalization of $15.56 billion, a price-to-earnings ratio of 4.76, a growth price-to-earnings ratio of 3.05 and a beta of 1.38. The company has a 50-day moving average of $9.01 and a two-hundred-day moving average of $11.77. Rocket Companies has a 12-month low of $6.91 and a 12-month high of $21.36.
Rocket Companies (NYSE: RKT – Get a rating) last released its quarterly results on Tuesday, May 10. The company reported EPS of $0.12 for the quarter, missing the consensus estimate of $0.16 per ($0.04). The company posted revenue of $1.93 billion in the quarter, compared to $2.24 billion expected by analysts. Rocket Companies had a net margin of 2.16% and a return on equity of 31.45%. The company’s quarterly revenue was down 52.2% from the same quarter last year. In the same quarter last year, the company achieved EPS of $0.55. Equity research analysts expect Rocket Companies to post 0.27 earnings per share for the current year.
In other news, CEO Jay Farner bought 13,100 shares of the company in a transaction that took place on Friday, April 1. The shares were acquired at an average cost of $11.04 per share, with a total value of $144,624.00. The transaction was disclosed in an SEC filing, available at this link. Over the past three months, insiders have purchased 567,600 shares of the company worth $5,136,572. Company insiders own 94.01% of the company’s shares.
Several hedge funds have recently bought and sold shares of the stock. Invesco Ltd. raised its position in shares of Rocket Companies by 4.8% during the 1st quarter. Invesco Ltd. now owns 10,789,221 shares of the company valued at $119,975,000 after acquiring 490,407 additional shares last quarter. Vanguard Group Inc. increased its position in shares of Rocket Companies by 29.0% during the 1st quarter. Vanguard Group Inc. now owns 10,028,437 shares of the company valued at $111,517,000 after acquiring an additional 2,252,066 shares last quarter. BlackRock Inc. increased its position in shares of Rocket Companies by 2.7% during the 1st quarter. BlackRock Inc. now owns 6,684,239 shares of the company valued at $74,328,000 after acquiring an additional 178,545 shares last quarter. State Street Corp increased its position in shares of Rocket Companies by 11.3% during the 1st quarter. State Street Corp now owns 5,395,785 shares of the company valued at $60,001,000 after acquiring an additional 548,077 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Rocket Companies by 378.7% during the 1st quarter. Renaissance Technologies LLC now owns 2,357,100 shares of the company worth $26,211,000 after purchasing an additional 1,864,700 shares in the last quarter. 3.71% of the shares are currently held by institutional investors and hedge funds.
Company Profile Rocket Companies (Get a rating)
Rocket Companies, Inc. operates in the technology-driven real estate, mortgage, and e-commerce industries 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 which provides title insurance, real estate appraisal and settlement services; Rocket Homes, a home search platform and realtor referral network, which offers technology services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized, virtual car-selling support to online car-buying platforms; and Rocket Loans, an online personal loan company.
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