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

Rocket Companies (NYSE:RKT) posted its earnings results on Tuesday. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 business had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the firm earned ($0.01) earnings per share. The company’s revenue for the quarter was down 46.2% compared to the same quarter last year. Rocket Companies updated its Q4 2024 guidance to EPS.

Rocket Companies Stock Down 3.4 %

RKT stock traded down $0.48 during trading on Thursday, reaching $13.66. The stock had a trading volume of 4,979,681 shares, compared to its average volume of 2,899,341. Rocket Companies has a one year low of $8.81 and a one year high of $21.38. The company’s 50 day moving average is $17.78 and its two-hundred day moving average is $16.27. The company has a market capitalization of $27.17 billion, a price-to-earnings ratio of -85.88 and a beta of 2.46. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Piper Sandler lowered their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday. Wells Fargo & Company raised their target price on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Bank of America lifted their price objective on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday. Royal Bank of Canada cut their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a report on Wednesday. Finally, Morgan Stanley initiated coverage on Rocket Companies in a research note on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price objective on the stock. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price 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.