Rocket Companies (NYSE:RKT) Shares Gap Up to $21.31

Rocket Companies, Inc. (NYSE:RKT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $21.31, but opened at $22.09. Rocket Companies shares last traded at $22.00, with a volume of 126,308 shares traded.

Several equities research analysts have recently commented on the stock. Jefferies Financial Group decreased their target price on shares of Rocket Companies from $30.00 to $26.00 in a research report on Thursday, May 6th. The Goldman Sachs Group cut their price target on shares of Rocket Companies from $23.00 to $18.50 and set a “neutral” rating on the stock in a report on Friday, May 7th. Bank of America restated a “neutral” rating and set a $24.00 price target (down from $27.00) on shares of Rocket Companies in a report on Tuesday, April 27th. Argus started coverage on shares of Rocket Companies in a report on Tuesday. They set a “buy” rating and a $23.00 price target on the stock. Finally, Zacks Investment Research cut shares of Rocket Companies from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 18th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. Rocket Companies currently has a consensus rating of “Hold” and a consensus target price of $23.53.

The firm has a market cap of $40.90 billion and a P/E ratio of 6.46. The company has a quick ratio of 20.92, a current ratio of 20.92 and a debt-to-equity ratio of 2.22. The firm’s 50 day moving average is $20.28.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Wednesday, May 5th. The company reported $0.55 EPS for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.37). The business had revenue of $4.58 billion for the quarter, compared to analysts’ expectations of $4.41 billion. Rocket Companies had a net margin of 19.96% and a return on equity of 139.59%. As a group, research analysts expect that Rocket Companies, Inc. will post 2.44 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the stock. Gables Capital Management Inc. bought a new stake in Rocket Companies during the 1st quarter worth approximately $28,000. Elkhorn Partners Limited Partnership bought a new stake in Rocket Companies during the 4th quarter worth approximately $30,000. Meridian Wealth Partners LLC bought a new stake in Rocket Companies during the 1st quarter worth approximately $37,000. Capital Asset Advisory Services LLC bought a new stake in Rocket Companies during the 4th quarter worth approximately $39,000. Finally, Ellevest Inc. bought a new stake in Rocket Companies during the 1st quarter worth approximately $40,000. 3.70% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Companies (NYSE:RKT)

Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and eCommerce businesses in the United States and Canada. It operates in 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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to national car rental and online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

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