Rocket Companies (NYSE:RKT) Posts Quarterly Earnings Results, Meets Expectations

Rocket Companies (NYSE:RKT) announced its quarterly earnings results on Tuesday. The company reported $0.08 EPS 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 2.86%. The firm had revenue of $647.00 million during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned ($0.01) EPS. The firm’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 Price Performance

NYSE:RKT opened at $13.66 on Friday. The company has a quick ratio of 13.18, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies has a 1-year low of $8.81 and a 1-year high of $21.38. The company has a 50-day moving average of $17.78 and a 200 day moving average of $16.27.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Wells Fargo & Company lifted their target price on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Barclays reduced 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. UBS Group lowered their target price on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a report on Thursday. Finally, Wedbush reiterated a “neutral” rating and set a $13.00 price target (down from $18.00) on shares of Rocket Companies in a report on Wednesday. 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.com, the company 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.