Rocket Companies (NYSE:RKT) Releases Quarterly Earnings Results, Meets Expectations

Rocket Companies (NYSE:RKT) announced its earnings results on Tuesday. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08, Briefing.com reports. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.84%. The business had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. Rocket Companies updated its Q4 2024 guidance to EPS.

Rocket Companies Stock Performance

Shares of RKT traded down $0.40 during mid-day trading on Thursday, reaching $13.73. The company’s stock had a trading volume of 1,512,547 shares, compared to its average volume of 2,883,686. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27. Rocket Companies has a 1-year low of $8.81 and a 1-year high of $21.38. The business has a 50-day simple moving average of $17.78 and a two-hundred day simple moving average of $16.27. The stock has a market cap of $27.32 billion, a P/E ratio of -85.88 and a beta of 2.46.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. UBS Group cut their price objective on Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Morgan Stanley started coverage on Rocket Companies in a research note on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 price target on the stock. Bank of America raised their price objective on shares of Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday. Finally, Wells Fargo & Company increased their price target on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Five analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $15.13.

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.