Shares of Rocket Companies, Inc. (NYSE:RKT – Get Free Report) were up 9% on Wednesday . The stock traded as high as $14.72 and last traded at $14.6870. Approximately 4,234,032 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 28,231,365 shares. The stock had previously closed at $13.47.
Wall Street Analysts Forecast Growth
RKT has been the subject of several research analyst reports. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Keefe, Bruyette & Woods reduced their price target on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday. Citizens Jmp initiated coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating for the company. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. 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.com, Rocket Companies presently has a consensus rating of “Hold” and an average price target of $20.86.
Get Our Latest Stock Report on RKT
Rocket Companies Price Performance
Rocket Companies (NYSE:RKT – Get Free Report) last announced 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 return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same quarter last year, the firm posted $0.04 EPS. The firm’s revenue for the quarter was up 167.1% on a year-over-year basis. As a group, research analysts forecast that Rocket Companies, Inc. will post 0.63 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Rocket Companies
Several large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Rocket Companies by 280.3% during the 4th 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. Price T Rowe Associates Inc. MD grew its stake in Rocket Companies by 11,636.8% in 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 buying an additional 25,966,725 shares in the last quarter. Morgan Stanley raised its holdings in 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 acquiring an additional 22,196,782 shares during the period. State Street Corp raised its holdings in Rocket Companies by 323.9% during the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after acquiring an additional 15,807,776 shares during the period. Finally, ValueAct Holdings L.P. lifted its position in shares of 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 acquiring an additional 13,985,025 shares in the last quarter. Hedge funds and other 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.
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