Rocket Companies (NYSE:RKT) Raised to Strong-Buy at Stephens

Rocket Companies (NYSE:RKT) was upgraded by analysts at Stephens to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also recently issued reports on the company. Keefe, Bruyette & Woods raised Rocket Companies from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $20.00 to $22.00 in a research note on Monday, March 16th. Citizens Jmp assumed coverage on Rocket Companies in a research note on Wednesday, March 25th. They set a “market perform” rating for the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. JPMorgan Chase & Co. reduced their price target on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Finally, Zacks Research downgraded Rocket Companies from a “hold” rating to a “strong sell” rating in a research report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $20.40.

Rocket Companies Price Performance

NYSE RKT opened at $15.62 on Thursday. The business has a 50 day simple moving average of $15.64 and a 200 day simple moving average of $17.77. Rocket Companies has a 52-week low of $11.08 and a 52-week high of $24.36. 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 market cap of $44.04 billion, a price-to-earnings ratio of -120.14 and a beta of 2.34.

Rocket Companies (NYSE:RKT) last posted 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. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the business earned $0.04 EPS. Rocket Companies’s revenue for the quarter was up 52.2% compared to the same quarter last year. Analysts anticipate that Rocket Companies will post 0.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Companies

A number of large investors have recently bought and sold shares of RKT. Cloud Capital Management LLC acquired a new position in Rocket Companies during the 3rd quarter worth approximately $25,000. Truvestments Capital LLC acquired a new position in Rocket Companies during the 4th quarter worth approximately $26,000. Acumen Wealth Advisors LLC acquired a new position in Rocket Companies during the 4th quarter worth approximately $26,000. Pinnacle Bancorp Inc. boosted its position in Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after acquiring an additional 1,183 shares during the last quarter. Finally, City State Bank acquired a new stake in shares of Rocket Companies in the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

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.