Rocket Companies (NYSE:RKT) Earns Market Perform Rating from Analysts at Citizens Jmp

Citizens Jmp began coverage on shares of Rocket Companies (NYSE:RKT) in a research report report published on Wednesday, Marketbeat reports. The firm issued a market perform rating on the stock.

RKT has been the subject of a number of other reports. JPMorgan Chase & Co. assumed coverage on shares of Rocket Companies in a research report on Monday, January 12th. They issued a “neutral” rating and a $24.00 price target for the company. Wells Fargo & Company lifted their target price on Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Keefe, Bruyette & Woods raised Rocket Companies from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $20.00 to $22.00 in a report on Monday, March 16th. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Finally, Barclays set a $22.00 price target on Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Rocket Companies has an average rating of “Hold” and a consensus price target of $20.80.

Rocket Companies Stock Performance

Shares of Rocket Companies stock opened at $13.67 on Wednesday. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07. Rocket Companies has a 52 week low of $10.94 and a 52 week high of $24.36. The firm’s 50 day moving average is $17.60 and its two-hundred day moving average is $18.42. The firm has a market capitalization of $38.56 billion, a P/E ratio of -105.18 and a beta of 2.30.

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, beating the consensus estimate of $0.09 by $0.02. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company’s revenue for the quarter was up 52.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.04 EPS. Research analysts forecast that Rocket Companies will post 0.15 EPS for the current fiscal year.

Insider Buying and Selling

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction on Monday, January 12th. The shares were sold at an average price of $22.99, for a total value of $57,475.00. Following the transaction, the director directly owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 10,000 shares of company stock valued at $215,700 in the last quarter. Insiders own 92.64% of the company’s stock.

Hedge Funds Weigh In On Rocket Companies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its stake in Rocket Companies by 48.9% during the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after acquiring an additional 22,861 shares during the last quarter. Amundi increased its holdings in shares of Rocket Companies by 3.1% in the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after purchasing an additional 997 shares during the period. AQR Capital Management LLC increased its holdings in shares of Rocket Companies by 1,086.5% in the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after purchasing an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Rocket Companies by 12.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after purchasing an additional 40,326 shares during the last quarter. Finally, Boston Partners raised its stake in shares of Rocket Companies by 6.2% during the second quarter. Boston Partners now owns 14,560,706 shares of the company’s stock worth $206,610,000 after purchasing an additional 856,367 shares during the last quarter. Hedge funds and other institutional investors 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.