Rocket Companies (NYSE:RKT) Rating Lowered to “Strong Sell” at Zacks Research

Rocket Companies (NYSE:RKT) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $20.00 to $22.00 in a research report on Monday, March 16th. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Jefferies Financial Group assumed coverage on shares of Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 target price for the company. Finally, Compass Point assumed coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price for the company. Eight research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $20.25.

Rocket Companies Trading Up 0.6%

NYSE RKT opened at $15.41 on Monday. Rocket Companies has a 12 month low of $11.08 and a 12 month high of $24.36. The company has a 50-day moving average of $16.15 and a 200-day moving average of $17.92. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. The company has a market cap of $43.45 billion, a P/E ratio of -118.54 and a beta of 2.34.

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

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Purpose Unlimited Inc. purchased a new position in Rocket Companies in the 4th quarter worth approximately $664,000. Hsbc Holdings PLC boosted its holdings in Rocket Companies by 2,876.6% in the 4th quarter. Hsbc Holdings PLC now owns 1,254,973 shares of the company’s stock worth $24,357,000 after acquiring an additional 1,212,812 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in Rocket Companies by 336.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 28,181 shares of the company’s stock worth $546,000 after acquiring an additional 21,727 shares during the period. World Investment Advisors purchased a new position in Rocket Companies in the 4th quarter worth approximately $526,000. Finally, Corient Private Wealth LLC boosted its holdings in Rocket Companies by 66.7% in the 4th quarter. Corient Private Wealth LLC now owns 107,493 shares of the company’s stock worth $2,042,000 after acquiring an additional 43,022 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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.