Rocket Companies (NYSE:RKT) Posts Quarterly Earnings Results

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

Rocket Companies Stock Up 12.3 %

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RKT. Barclays upped their price target on shares of Rocket Companies from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Tuesday, July 9th. Wells Fargo & Company increased their target price on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday. Royal Bank of Canada raised their price objective on Rocket Companies from $14.00 to $16.00 and gave the company a “sector perform” rating in a research note on Friday. JPMorgan Chase & Co. raised their price objective on Rocket Companies from $13.50 to $15.00 and gave the company an “underweight” rating in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday. Six equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.