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

Rocket Companies (NYSE:RKT) posted its quarterly earnings data on Tuesday. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08, Briefing.com reports. Rocket Companies had a positive return on equity of 2.84% and a negative net margin of 0.38%. The company had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the firm posted ($0.01) EPS. 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 Down 2.8 %

Shares of RKT traded down $0.40 during mid-day trading on Thursday, hitting $13.73. 2,674,111 shares of the company’s stock were exchanged, compared to its average volume of 2,888,268. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. Rocket Companies has a twelve month low of $8.81 and a twelve month high of $21.38. The firm has a fifty day moving average of $17.78 and a two-hundred day moving average of $16.27. The stock has a market cap of $27.32 billion, a price-to-earnings ratio of -85.88 and a beta of 2.46.

Analysts Set New Price Targets

Several analysts recently commented on the company. Bank of America boosted their price target on Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research report on Thursday. Wells Fargo & Company upped 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 report on Friday, August 2nd. Keefe, Bruyette & Woods reduced their target price on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Finally, Morgan Stanley initiated coverage on Rocket Companies in a report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price target for the company. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and a consensus target price 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.