Rocket Companies, Inc. (NYSE: RKT – Get a rating) – Wedbush equity analysts cut their Q2 2022 earnings estimates for Rocket Companies in a research report released to clients and investors on Friday, June 17. Wedbush analyst H. Coffey now expects the company to post earnings per share of $0.00 for the quarter, down from its previous estimate of $0.04. Wedbush currently has an “NA” rating and a target price of $7.00 on the stock. The consensus estimate for Rocket Companies’ current annual earnings is $0.26 per share. Wedbush also released estimates for Rocket Companies fiscal year 2022 earnings at $0.17 EPS and fiscal year 2023 earnings at $0.58 EPS. Rocket Companies (NYSE: RKT – Get a rating) last released its quarterly results on Tuesday, May 10. The company reported earnings per share (EPS) of $0.12 for the quarter, missing the consensus estimate of $0.16 per ($0.04). The company posted revenue of $1.93 billion for the quarter, versus a consensus estimate of $2.24 billion. Rocket Companies had a net margin of 2.16% and a return on equity of 31.45%. Rocket Companies revenue was down 52.2% year over year. During the same period a year earlier, the company posted EPS of $0.55.
Other stock analysts have also recently released research reports on the stock. Barclays lowered its price target on Rocket Companies shares from $14.00 to $13.00 and set an “equal weight” rating for the company in a Tuesday, April 12 research note. Keefe, Bruyette & Woods downgraded Rocket Companies shares from an “underperforming” rating to a “market performing” rating and lowered their target price for the stock from $10.00 to 7, $00 in a research note from Sunday, May 15. Bank of America downgraded shares of Rocket Companies from a ‘neutral’ to an ‘underperforming’ rating and lowered its target price for the stock from $21.00 to $11.00 in a research note Tuesday, February 22. Morgan Stanley lowered its target price on shares of Rocket Companies from $12.00 to $11.00 and set an “equal weight” rating for the company in a Thursday, April 7 research note. Finally, Citigroup downgraded shares of Rocket Companies from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $14.00 to $8.00 in a Wednesday 11 report. may. One financial analyst gave the stock a sell rating, eleven gave the company a hold rating and one gave the company a buy rating. According to MarketBeat, Rocket Companies currently has an average rating of “Hold” and a consensus price target of $11.08.
NYSE RKT shares opened at $6.37 on Monday. Rocket Companies has a 12-month low of $6.27 and a 12-month high of $20.84. The company has a fifty-day simple moving average of $8.65 and a 200-day simple moving average of $11.43. The company has a market capitalization of $12.55 billion, a PE ratio of 3.84, a P/E/G ratio of 2.32 and a beta of 1.38. The company has a quick ratio of 13.54, a current ratio of 13.54 and a leverage ratio of 1.40.
Institutional investors have recently increased or reduced their stake in the stock. Moors & Cabot Inc. acquired a new position in Rocket Companies during the third quarter worth approximately $31,000. Rockefeller Capital Management LP increased its holdings in Rocket Companies by 173.2% during the fourth quarter. Rockefeller Capital Management LP now owns 3,500 shares of the company worth $49,000 after buying 2,219 additional shares in the last quarter. US Bancorp DE increased its stake in Rocket Companies by 341.4% in the first quarter. US Bancorp DE now owns 4,414 shares of the company worth $49,000 after buying 3,414 more shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in Rocket Companies during the first quarter for a value of around $52,000. Finally, Patriot Financial Group Insurance Agency LLC increased its holdings in Rocket Companies by 111.6% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 3,640 shares of the company worth $58,000 after purchasing an additional 1,920 shares in the last quarter. Institutional investors and hedge funds own 3.71% of the company’s shares.
In other Rocket Companies news, CEO Jay Farner acquired 13,100 shares of Rocket Companies in a transaction dated Friday, April 1. The shares were purchased at an average cost of $11.04 per share, for a total transaction of $144,624.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via this hyperlink. Insiders bought 664,100 shares of the company valued at $5,803,899 during the last quarter. Company insiders own 94.01% of the company’s shares.
Company Profile Rocket Companies (Get a rating)
Rocket Companies, Inc. operates in the technology-driven real estate, mortgage, and e-commerce industries 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 which provides title insurance, real estate appraisal and settlement services; Rocket Homes, a home search platform and realtor referral network, which offers technology services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized, virtual car-selling support to online car-buying platforms; and Rocket Loans, an online personal loan company.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Rocket Companies right now?
Before you consider Rocket Companies, you’ll want to hear this.
MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Rocket Companies didn’t make the list.
While Rocket Companies currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here