Rocket Companies (NYSE:RKT) Hits New 52-Week Low – What’s Next?

Shares of Rocket Companies, Inc. (NYSE:RKT) reached a new 52-week low during trading on Monday . The stock traded as low as $12.33 and last traded at $12.3250, with a volume of 7653558 shares traded. The stock had previously closed at $12.65.

Analyst Ratings Changes

Several analysts have commented on RKT shares. Citizens Jmp started coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. lowered their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Royal Bank Of Canada restated a “sector perform” rating and set a $20.00 target price on shares of Rocket Companies in a report on Monday, May 11th. Finally, Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.93.

Rocket Companies Price Performance

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 stock has a market cap of $34.97 billion, a price-to-earnings ratio of 247.20 and a beta of 2.19. The business’s fifty day simple moving average is $14.54 and its 200 day simple moving average is $17.24.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the previous year, the business posted $0.04 EPS. The firm’s revenue was up 167.1% compared to the same quarter last year. Research analysts predict that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors have recently modified their holdings of RKT. Truvestments Capital LLC acquired a new stake in shares of Rocket Companies in the 4th quarter valued at about $26,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Rocket Companies in the 4th quarter valued at about $26,000. Pinnacle Bancorp Inc. raised its stake in shares of Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares in the last quarter. City State Bank acquired a new stake in shares of Rocket Companies in the 4th quarter valued at about $30,000. Finally, Smithfield Trust Co acquired a new stake in shares of Rocket Companies in the 4th quarter valued at about $32,000. 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.