Brokerages Set Rocket Companies, Inc. (NYSE:RKT) Target Price at $20.40

Shares of Rocket Companies, Inc. (NYSE:RKT) have earned an average recommendation of “Hold” from the eighteen research firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $21.00.

Several brokerages have recently issued reports on RKT. Zacks Research downgraded Rocket Companies from a “hold” rating to a “strong sell” rating in a research report on Monday, April 13th. Stephens started coverage on Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Citizens Jmp started coverage on Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating on the stock. Finally, JPMorgan Chase & Co. reduced their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th.

Hedge Funds Weigh In On Rocket Companies

Several large investors have recently added to or reduced their stakes in RKT. Vanguard Group Inc. lifted its position in Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after buying an additional 64,311,040 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Rocket Companies by 11,636.8% during 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 buying an additional 25,966,725 shares during the period. Morgan Stanley lifted its position in Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after buying an additional 22,196,782 shares during the period. State Street Corp lifted its position in Rocket Companies by 323.9% during 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 during the period. Finally, ValueAct Holdings L.P. lifted its position in Rocket Companies by 55.1% during the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after buying an additional 13,985,025 shares during the period. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Down 5.4%

Shares of NYSE:RKT opened at $14.84 on Thursday. The company has a quick ratio of 70.90, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies has a 52-week low of $11.20 and a 52-week high of $24.36. The stock’s fifty day simple moving average is $15.07 and its 200-day simple moving average is $17.67. The company has a market capitalization of $41.85 billion, a P/E ratio of 296.82 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the prior year, the business earned $0.04 earnings per share. The business’s revenue was up 167.1% on a year-over-year basis. As a group, equities research analysts forecast that Rocket Companies will post 0.63 earnings per share for the current fiscal year.

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.