Shares of Rocket Companies, Inc. (NYSE:RKT – Get Free Report) shot up 10.9% during mid-day trading on Monday . The company traded as high as $14.35 and last traded at $14.4980. 3,928,225 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 27,529,617 shares. The stock had previously closed at $13.07.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on RKT. Stephens began coverage on Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 target price for the company. Zacks Research upgraded 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 issued a $20.00 target price on shares of Rocket Companies in a research note on Monday, May 11th. Wells Fargo & Company reduced their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. decreased their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 9th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.93.
Check Out Our Latest Report on RKT
Rocket Companies Trading Up 7.3%
Rocket Companies (NYSE:RKT – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share 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 firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the previous year, the business earned $0.04 EPS. Rocket Companies’s revenue for the quarter was up 167.1% compared to the same quarter last year. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Rocket Companies
Large investors have recently bought and sold shares of the company. Truvestments Capital LLC purchased a new stake in Rocket Companies during the 4th quarter worth approximately $26,000. Acumen Wealth Advisors LLC acquired a new position in shares of Rocket Companies during the 4th quarter worth approximately $26,000. Pinnacle Bancorp Inc. boosted its holdings in shares of Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank acquired a new position in shares of Rocket Companies during the 4th quarter worth approximately $30,000. Finally, Smithfield Trust Co acquired a new position in shares of Rocket Companies during the 4th quarter worth approximately $32,000. 4.59% of the stock is currently 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.
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