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

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

Several other brokerages have also commented on RKT. Compass Point initiated coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 9th. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a report on Monday, May 11th. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Finally, Wells Fargo & Company decreased their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Eight equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Rocket Companies has an average rating of “Hold” and an average target price of $20.93.

Rocket Companies Trading Up 6.7%

NYSE:RKT opened at $13.95 on Tuesday. The company has a fifty day moving average of $14.41 and a 200 day moving average of $17.05. Rocket Companies has a 52 week low of $12.17 and a 52 week 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 firm has a market capitalization of $39.47 billion, a P/E ratio of 279.02 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating 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 company had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the business posted $0.04 EPS. The firm’s revenue was up 167.1% compared to the same quarter last year. On average, research analysts predict that Rocket Companies will post 0.65 earnings per share for the current year.

Institutional Trading of Rocket Companies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC grew its position in shares of Rocket Companies by 96.0% in the 1st quarter. NewEdge Advisors LLC now owns 44,434 shares of the company’s stock worth $633,000 after buying an additional 21,765 shares during the period. Carlson Capital L.P. purchased a new stake in Rocket Companies during the 1st quarter valued at about $534,000. Vestor Capital LLC grew its position in Rocket Companies by 1,511.2% during the 1st quarter. Vestor Capital LLC now owns 13,695 shares of the company’s stock valued at $195,000 after purchasing an additional 12,845 shares during the last quarter. Anson Funds Management LP purchased a new stake in Rocket Companies during the 1st quarter valued at about $2,351,000. Finally, Lodge Hill Capital LLC grew its position in Rocket Companies by 7.9% during the 1st quarter. Lodge Hill Capital LLC now owns 2,381,150 shares of the company’s stock valued at $33,931,000 after purchasing an additional 175,000 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

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.