Rocket Companies, Inc. (NYSE:RKT) Receives Consensus Rating of “Reduce” from Brokerages

Shares of Rocket Companies, Inc. (NYSE:RKT) have been assigned a consensus rating of “Reduce” from the twelve analysts that are covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a sell recommendation and seven have issued a hold recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $13.73.

Several equities research analysts recently weighed in on the company. Wells Fargo & Company raised their price objective on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Royal Bank of Canada boosted their target price on Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 11th. Barclays boosted their target price on Rocket Companies from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd.

Hedge Funds Weigh In On Rocket Companies

Several institutional investors have recently bought and sold shares of the company. Principal Securities Inc. purchased a new stake in shares of Rocket Companies during the fourth quarter worth $26,000. Vima LLC bought a new position in Rocket Companies in the fourth quarter valued at $31,000. Quarry LP increased its stake in Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after acquiring an additional 3,899 shares during the last quarter. Blue Trust Inc. bought a new position in shares of Rocket Companies during the second quarter valued at about $61,000. Finally, EntryPoint Capital LLC bought a new position in shares of Rocket Companies during the first quarter valued at about $77,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

Rocket Companies stock opened at $20.43 on Friday. The stock’s fifty day moving average price is $17.91 and its two-hundred day moving average price is $15.01. Rocket Companies has a one year low of $7.17 and a one year high of $21.38. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18. The firm has a market cap of $40.61 billion, a PE ratio of 185.68 and a beta of 2.45.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the company posted ($0.05) EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts expect that Rocket Companies will post 0.22 EPS for the current fiscal year.

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.