Brokerages Set Rocket Companies, Inc. (NYSE:RKT) PT at $20.50

Rocket Companies, Inc. (NYSE:RKT) has been given a consensus rating of “Hold” by the sixteen ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $20.50.

Several research firms have recently weighed in on RKT. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Royal Bank Of Canada boosted their target price on Rocket Companies from $17.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 8th. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wells Fargo & Company boosted their price objective on shares of Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Finally, Oppenheimer started coverage on shares of Rocket Companies in a research report on Thursday, November 13th. They set an “outperform” rating and a $25.00 price objective on the stock.

Insider Buying and Selling at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $19.44, for a total value of $48,600.00. Following the completion of the sale, the director owned 1,066,036 shares of the company’s stock, valued at $20,723,739.84. The trade was a 0.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders sold 40,000 shares of company stock worth $779,425. 92.64% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RKT. State of New Jersey Common Pension Fund D purchased a new stake in shares of Rocket Companies during the 4th quarter valued at about $6,242,000. Keybank National Association OH boosted its holdings in shares of Rocket Companies by 50.3% in the fourth quarter. Keybank National Association OH now owns 22,062 shares of the company’s stock worth $427,000 after buying an additional 7,388 shares during the last quarter. Archer Investment Corp grew its position in Rocket Companies by 9,839.0% during the fourth quarter. Archer Investment Corp now owns 9,939 shares of the company’s stock valued at $192,000 after buying an additional 9,839 shares during the period. Wealthfront Advisers LLC increased its holdings in Rocket Companies by 31.2% during the fourth quarter. Wealthfront Advisers LLC now owns 781,227 shares of the company’s stock valued at $15,125,000 after buying an additional 185,993 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Rocket Companies during the fourth quarter valued at approximately $7,039,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Stock Performance

Shares of RKT stock opened at $17.94 on Tuesday. The company has a market capitalization of $37.76 billion, a price-to-earnings ratio of 224.28 and a beta of 2.29. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. Rocket Companies has a one year low of $10.94 and a one year high of $24.36. The company’s 50-day moving average is $20.23 and its 200 day moving average is $18.55.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.65 billion. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. The business’s revenue was up 148.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.08 earnings per share. Sell-side analysts expect that Rocket Companies will post 0.15 EPS 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.