Rocket Companies (NYSE:RKT) Releases Earnings Results, Beats Estimates By $0.01 EPS

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

Rocket Companies Price Performance

Shares of RKT stock traded up $1.89 during trading hours on Friday, reaching $17.25. The stock had a trading volume of 11,339,011 shares, compared to its average volume of 3,165,213. The stock’s fifty day simple moving average is $14.45 and its 200 day simple moving average is $13.31. The firm has a market capitalization of $34.30 billion, a PE ratio of 156.83 and a beta of 2.43. The company has a current ratio of 12.83, a quick ratio of 12.83 and a debt-to-equity ratio of 1.20. Rocket Companies has a 12 month low of $7.17 and a 12 month high of $17.54.

Wall Street Analyst Weigh In

RKT has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Rocket Companies from $13.50 to $15.00 and gave the company an “underweight” rating in a research report on Friday. Piper Sandler boosted their price target on shares of Rocket Companies from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday. Royal Bank of Canada boosted their price target on shares of Rocket Companies from $14.00 to $16.00 and gave the company a “sector perform” rating in a research note on Friday. Finally, Wedbush boosted their price target on shares of Rocket Companies from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday. Six equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target 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.