Rocket Companies’ (RKT) Neutral Rating Reaffirmed at BTIG Research

Rocket Companies (NYSE:RKT)‘s stock had its “neutral” rating reaffirmed by equities research analysts at BTIG Research in a report issued on Tuesday,Benzinga reports.

Several other brokerages have also recently weighed in on RKT. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Royal Bank Of Canada restated a “sector perform” rating and set a $20.00 target price on shares of Rocket Companies in a research note on Monday, May 11th. Citizens Jmp started coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They set a “market perform” rating on the stock. Finally, Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Eight investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Rocket Companies has an average rating of “Hold” and an average price target of $20.93.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $13.95 on Tuesday. The firm’s 50 day moving average price is $14.41 and its 200-day moving average price is $17.05. Rocket Companies has a twelve month low of $12.17 and a twelve month high of $24.36. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a market capitalization of $39.47 billion, a PE ratio of 279.02 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data 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. 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 analysts’ expectations of $2.76 billion. During the same quarter in the prior year, the business earned $0.04 EPS. The business’s quarterly revenue was up 167.1% on a year-over-year basis. Equities research analysts expect that Rocket Companies will post 0.65 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors and hedge funds have recently modified their holdings of RKT. Vanguard Group Inc. grew its holdings in shares of Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. ValueAct Holdings L.P. grew its holdings in shares of Rocket Companies by 55.1% in the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after purchasing an additional 13,985,025 shares during the last quarter. Nuveen LLC grew its holdings in shares of Rocket Companies by 5.5% in the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after purchasing an additional 1,706,659 shares during the last quarter. Morgan Stanley grew its holdings in shares of Rocket Companies by 461.2% in the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after purchasing an additional 22,196,782 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Rocket Companies by 11,636.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after purchasing an additional 25,966,725 shares during 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.