Rocket Companies (NYSE:RKT) Issues Earnings Results

Rocket Companies (NYSE:RKT) issued its quarterly earnings data on Thursday. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01, Briefing.com reports. Rocket Companies had a net margin of 0.29% and a return on equity of 0.91%. The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the business posted ($0.05) EPS. The firm’s revenue was up 5.3% compared to the same quarter last year. Rocket Companies updated its Q3 2024 guidance to EPS.

Rocket Companies Price Performance

Shares of Rocket Companies stock traded up $1.89 on Friday, hitting $17.25. The company had a trading volume of 11,339,011 shares, compared to its average volume of 3,165,213. The business has a 50-day simple moving average of $14.45 and a 200-day simple moving average of $13.31. The company has a debt-to-equity ratio of 1.20, a current ratio of 12.83 and a quick ratio of 12.83. The company has a market cap of $34.30 billion, a PE ratio of 156.83 and a beta of 2.43. Rocket Companies has a 52 week low of $7.17 and a 52 week high of $17.54.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RKT shares. JPMorgan Chase & Co. boosted their price objective on shares of Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a report on Friday. Piper Sandler upped their target price on shares of Rocket Companies from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday. Wells Fargo & Company increased their price objective on shares of Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Wedbush upped their target price on shares of Rocket Companies from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday. Six analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $12.06.

About Rocket Companies

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services 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; and Rocket Loans, an online-based personal loans business.