Barclays Upgrades Rocket Companies (NYSE:RKT) to Overweight

Rocket Companies (NYSE:RKT) was upgraded by Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Monday,Benzinga reports. The brokerage currently has a $19.00 target price on the stock, down from their prior target price of $22.00. Barclays‘s price target points to a potential upside of 27.06% from the stock’s previous close.

A number of other research firms have also weighed in on RKT. Keefe, Bruyette & Woods raised Rocket Companies from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $20.00 to $22.00 in a report on Monday, March 16th. Compass Point started coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target on the stock. Jefferies Financial Group began coverage on shares of Rocket Companies in a report on Friday, December 19th. They issued a “buy” rating and a $25.00 price objective for the company. JPMorgan Chase & Co. started coverage on Rocket Companies in a research note on Monday, January 12th. They set a “neutral” rating and a $24.00 price objective for the company. Finally, Citizens Jmp began coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating for the company. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Rocket Companies currently has an average rating of “Hold” and a consensus price target of $20.93.

Rocket Companies Stock Down 0.0%

Shares of NYSE:RKT opened at $14.95 on Monday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. Rocket Companies has a 52-week low of $10.94 and a 52-week high of $24.36. The business’s 50 day simple moving average is $16.86 and its two-hundred day simple moving average is $18.16. The firm has a market cap of $42.16 billion, a P/E ratio of -115.02 and a beta of 2.34.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.11 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 firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the previous year, the company posted $0.04 EPS. The company’s revenue for the quarter was up 52.2% on a year-over-year basis. As a group, research analysts forecast that Rocket Companies will post 0.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This represents a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 7,500 shares of company stock valued at $167,575. 92.64% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Companies

A number of large investors have recently added to or reduced their stakes in RKT. Vanguard Group Inc. lifted its holdings in shares of Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after acquiring an additional 64,311,040 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Rocket Companies by 11,636.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after buying an additional 25,966,725 shares in the last quarter. Morgan Stanley increased its position in Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after purchasing an additional 22,196,782 shares during the period. State Street Corp raised its stake in Rocket Companies by 323.9% in the fourth quarter. State Street Corp now owns 20,688,336 shares of the company’s stock worth $400,526,000 after buying an additional 15,807,776 shares in the last quarter. Finally, ValueAct Holdings L.P. raised its position in shares of Rocket Companies by 55.1% in the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after acquiring an additional 13,985,025 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

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.