Posted by admin on May 11th, 2022 
Rocket Companies (NYSE:RKT – Get Rating) released its quarterly earnings results on Tuesday. The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04), MarketWatch Earnings reports. The firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $2.24 billion. Rocket Companies had a return on equity of 48.76% and a net margin of 2.38%. The business’s revenue was down 52.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 EPS.
NYSE:RKT opened at $7.81 on Wednesday. The business’s 50-day moving average is $10.21 and its two-hundred day moving average is $13.02. The company has a debt-to-equity ratio of 1.92, a current ratio of 21.68 and a quick ratio of 21.68. Rocket Companies has a 12 month low of $7.61 and a 12 month high of $22.68. The firm has a market capitalization of $15.39 billion, a PE ratio of 3.35, a price-to-earnings-growth ratio of 0.87 and a beta of 1.39.
The business also recently disclosed a dividend, which was paid on Tuesday, March 22nd. Shareholders of record on Tuesday, March 8th were given a $1.01 dividend. The ex-dividend date of this dividend was Monday, March 7th.
A number of equities research analysts have commented on RKT shares. Barclays lowered their target price on Rocket Companies from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 12th. Citigroup cut Rocket Companies from a “buy” rating to a “neutral” rating and lowered their target price for the company from $14.00 to $8.00 in a report on Wednesday. Credit Suisse Group lowered their target price on Rocket Companies from $16.00 to $13.00 and set a “neutral” rating on the stock in a report on Friday, February 25th. Zacks Investment Research cut Rocket Companies from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 2nd. Finally, The Goldman Sachs Group lowered their target price on Rocket Companies from $14.00 to $11.50 and set a “neutral” rating on the stock in a report on Monday, April 4th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $15.04.
In related news, CEO Jay Farner acquired 13,100 shares of the business’s stock in a transaction on Friday, April 1st. The shares were bought at an average cost of $11.04 per share, with a total value of $144,624.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders acquired 311,200 shares of company stock worth $2,938,744 over the last three months. 93.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in shares of Rocket Companies by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 1,679,424 shares of the company’s stock worth $23,511,000 after acquiring an additional 89,003 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Rocket Companies by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 676,416 shares of the company’s stock worth $9,470,000 after acquiring an additional 2,119 shares during the last quarter. Millennium Management LLC increased its position in shares of Rocket Companies by 13.5% during the fourth quarter. Millennium Management LLC now owns 292,358 shares of the company’s stock worth $4,093,000 after acquiring an additional 34,722 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Rocket Companies by 52.5% during the fourth quarter. Wells Fargo & Company MN now owns 221,279 shares of the company’s stock worth $3,098,000 after acquiring an additional 76,173 shares during the last quarter. Finally, Credit Suisse AG increased its position in shares of Rocket Companies by 44.6% during the fourth quarter. Credit Suisse AG now owns 181,705 shares of the company’s stock worth $2,544,000 after acquiring an additional 56,070 shares during the last quarter. 3.71% of the stock is currently owned by institutional investors.
About Rocket Companies (Get Rating)
Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and e-Commerce businesses in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.
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