Analysts Set Rocket Companies, Inc. (NYSE:RKT) Price Target at $20.93

Shares of Rocket Companies, Inc. (NYSE:RKT) have been given a consensus rating of “Moderate Buy” by the eighteen brokerages that are covering the firm, MarketBeat.com reports. Nine analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $20.9286.

A number of brokerages have commented on RKT. Wells Fargo & Company reduced their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Citizens Jmp began coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They set a “market perform” rating on the stock. Keefe, Bruyette & Woods reduced their target price on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $22.00 to $19.00 in a research note on Monday, April 6th.

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors have recently bought and sold shares of RKT. Truvestments Capital LLC purchased a new position in Rocket Companies during the fourth quarter worth about $26,000. Acumen Wealth Advisors LLC purchased a new position in Rocket Companies during the fourth quarter worth about $26,000. Pinnacle Bancorp Inc. raised its stake in Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares during the period. City State Bank purchased a new position in Rocket Companies during the fourth quarter worth about $30,000. Finally, Smithfield Trust Co purchased a new position in Rocket Companies during the fourth quarter worth about $32,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Stock Performance

NYSE:RKT opened at $12.65 on Monday. The company’s 50-day moving average price is $14.54 and its 200-day moving average price is $17.23. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The company has a market cap of $35.80 billion, a P/E ratio of 253.08 and a beta of 2.19. Rocket Companies has a twelve month low of $12.38 and a twelve month high of $24.36.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same period last year, the firm posted $0.04 earnings per share. On average, sell-side analysts forecast that Rocket Companies will post 0.65 earnings per share 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.