Rocket Companies (NYSE:RKT) Issues Quarterly Earnings Results, Hits Estimates

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

Rocket Companies Stock Down 3.0 %

Shares of RKT traded down $0.42 during midday trading on Thursday, hitting $13.71. The stock had a trading volume of 2,120,169 shares, compared to its average volume of 2,886,126. The firm has a market cap of $27.28 billion, a price-to-earnings ratio of -85.88 and a beta of 2.46. The company has a 50 day simple moving average of $17.78 and a two-hundred day simple moving average of $16.27. Rocket Companies has a twelve month low of $8.81 and a twelve month high of $21.38. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RKT shares. Wedbush restated a “neutral” rating and issued a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a report on Wednesday. JPMorgan Chase & Co. lifted their price objective on Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft increased their target price on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Royal Bank of Canada reduced their price objective on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company increased their target price on shares of Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.13.

Rocket Companies Company Profile

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.