Rocket Companies (NYSE:RKT) Raised to Outperform at Keefe, Bruyette & Woods

Rocket Companies (NYSE:RKT) was upgraded by Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued on Monday,Benzinga reports. The firm currently has a $22.00 price objective on the stock, up from their prior price objective of $20.00. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 55.64% from the company’s previous close.

Other research analysts have also issued reports about the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Jefferies Financial Group started coverage on shares of Rocket Companies in a research note on Friday, December 19th. They issued a “buy” rating and a $25.00 target price for the company. Compass Point started coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target on the stock. Wells Fargo & Company raised their price target on shares of Rocket Companies from $17.00 to $19.00 and gave the company an “equal weight” rating in a report on Friday, February 27th. Finally, JPMorgan Chase & Co. started coverage on shares of Rocket Companies in a research note on Monday, January 12th. They issued a “neutral” rating and a $24.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.80.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $14.14 on Monday. The company has a market capitalization of $29.75 billion, a PE ratio of -108.73 and a beta of 2.30. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. The stock has a fifty day moving average of $19.22 and a 200-day moving average of $18.72. Rocket Companies has a one year low of $10.94 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The company’s quarterly revenue was up 52.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.04 EPS. As a group, equities analysts anticipate that Rocket Companies will post 0.15 EPS for the current fiscal year.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.99, for a total value of $57,475.00. Following the sale, the director owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, insiders sold 22,500 shares of company stock valued at $453,775. Company insiders own 92.64% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its position in shares of Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after purchasing an additional 22,861 shares during the period. Amundi increased its position in shares of Rocket Companies by 3.1% during the 1st quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after purchasing an additional 997 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Rocket Companies by 1,086.5% during the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after purchasing an additional 366,716 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Rocket Companies by 12.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock valued at $4,473,000 after purchasing an additional 40,326 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in Rocket Companies by 354.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 135,534 shares of the company’s stock valued at $1,922,000 after purchasing an additional 105,689 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

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.