Rocket Companies (NYSE:RKT) Upgraded to “Outperform” at Keefe, Bruyette & Woods

Rocket Companies (NYSE:RKT) was upgraded by investment analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a $22.00 price target on the stock, up from their prior price target of $20.00. Keefe, Bruyette & Woods’ price target suggests a potential upside of 55.64% from the stock’s previous close.

RKT has been the topic of a number of other reports. BTIG Research reiterated a “buy” rating and set a $25.00 price target on shares of Rocket Companies in a research report on Wednesday, November 19th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Barclays set a $22.00 price target on shares of Rocket Companies and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. Wells Fargo & Company lifted their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, February 27th. Finally, Compass Point began coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $20.80.

Rocket Companies Stock Down 3.1%

Shares of Rocket Companies stock opened at $14.14 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. Rocket Companies has a 1-year low of $10.94 and a 1-year high of $24.36. The business has a 50-day moving average of $19.22 and a 200-day moving average of $18.72. The company has a market capitalization of $29.75 billion, a PE ratio of -108.73 and a beta of 2.30.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.Rocket Companies’s quarterly revenue was up 52.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 EPS. As a group, equities analysts forecast that Rocket Companies will post 0.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction on Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the transaction, the director directly owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 22,500 shares of company stock valued at $453,775 in the last three months. Corporate insiders own 92.64% of the company’s stock.

Institutional Trading of Rocket Companies

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after buying an additional 64,311,040 shares in the last quarter. ValueAct Holdings L.P. raised its position in 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 acquiring an additional 13,985,025 shares in the last quarter. Nuveen LLC lifted its holdings in Rocket Companies by 5.5% in the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after acquiring an additional 1,706,659 shares during the last quarter. Morgan Stanley boosted its position in shares of 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted 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 valued at $507,037,000 after purchasing an additional 25,966,725 shares in the last quarter. 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.