Rocket Companies (NYSE:RKT) Upgraded at Benchmark

Benchmark upgraded shares of Rocket Companies (NYSE:RKT) to a strong-buy rating in a research report released on Monday,Zacks.com reports.

RKT has been the subject of a number of other research reports. Keefe, Bruyette & Woods decreased their price target on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. 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. Compass Point started coverage on Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. Finally, Wells Fargo & Company lowered 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. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.87.

Rocket Companies Stock Performance

RKT stock opened at $15.87 on Monday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The firm has a market cap of $44.89 billion, a price-to-earnings ratio of 317.34 and a beta of 2.16. The firm has a 50-day simple moving average of $14.19 and a two-hundred day simple moving average of $16.63. Rocket Companies has a one year low of $12.17 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period last year, the firm earned $0.04 earnings per share. Rocket Companies’s revenue was up 167.1% compared to the same quarter last year. On average, equities analysts forecast that Rocket Companies will post 0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors have recently made changes to their positions in the stock. ORG Partners LLC increased its holdings in Rocket Companies by 22.3% in the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock valued at $55,000 after purchasing an additional 520 shares during the last quarter. Manchester Capital Management LLC increased its stake in Rocket Companies by 0.5% during the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after buying an additional 618 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Rocket Companies by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock worth $365,000 after buying an additional 636 shares in the last quarter. Composition Wealth LLC raised its stake in shares of Rocket Companies by 2.7% in the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after acquiring an additional 668 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in Rocket Companies by 26.1% in the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after purchasing an additional 677 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Companies

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.