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

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

Rocket Companies Price Performance

Shares of Rocket Companies stock traded down $0.42 during trading on Thursday, reaching $13.71. The company’s stock had a trading volume of 2,120,169 shares, compared to its average volume of 2,886,126. Rocket Companies has a one year low of $8.81 and a one year high of $21.38. The stock has a 50-day moving average price of $17.78 and a two-hundred day moving average price of $16.27. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $27.28 billion, a P/E ratio of -85.88 and a beta of 2.46.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Wedbush reaffirmed a “neutral” rating and issued a $13.00 target price (down from $18.00) on shares of Rocket Companies in a research report on Wednesday. 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 for the company in a report on Wednesday. Barclays lowered their target price on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, Rocket Companies has an average 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.