Rocket Companies (NYSE:RKT) Trading Up 7.6% – Still a Buy?

Rocket Companies, Inc. (NYSE:RKT) rose 7.6% during mid-day trading on Tuesday . The company traded as high as $11.23 and last traded at $11.21. Approximately 3,774,484 shares were traded during mid-day trading, an increase of 35% from the average daily volume of 2,802,562 shares. The stock had previously closed at $10.42.

Analyst Upgrades and Downgrades

RKT has been the topic of several recent research reports. Barclays lowered their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler dropped their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Bank of America increased their price target on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 14th. Royal Bank of Canada lowered their price target on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 13th. Finally, Morgan Stanley cut their price objective on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 19th. Five investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. Based on data from MarketBeat, Rocket Companies has a consensus rating of “Hold” and an average price target of $13.50.

Rocket Companies Trading Up 1.3 %

The company has a market cap of $23.39 billion, a price-to-earnings ratio of -73.28 and a beta of 2.42. The business’s 50 day moving average price is $12.67 and its 200-day moving average price is $15.76. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The firm had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the business posted ($0.01) earnings per share. The business’s revenue for the quarter was down 46.2% compared to the same quarter last year. On average, equities analysts anticipate that Rocket Companies, Inc. will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

Institutional investors have recently modified their holdings of the business. State Street Corp raised its stake in Rocket Companies by 44.7% in the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after purchasing an additional 1,269,795 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Rocket Companies by 26.1% during the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock worth $33,821,000 after purchasing an additional 510,400 shares during the period. Geode Capital Management LLC raised its position in shares of Rocket Companies by 0.6% in the third quarter. Geode Capital Management LLC now owns 2,043,975 shares of the company’s stock valued at $39,235,000 after buying an additional 12,735 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Rocket Companies by 7.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock valued at $19,971,000 after buying an additional 72,308 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Rocket Companies in the second quarter valued at approximately $10,811,000. Institutional investors own 4.59% of the company’s stock.

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.