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

Rocket Companies (NYSE:RKT) issued its 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 for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the business posted ($0.01) earnings per share. The company’s quarterly revenue was down 46.2% on a year-over-year basis. Rocket Companies updated its Q4 2024 guidance to EPS.

Rocket Companies Stock Down 2.3 %

Shares of NYSE RKT traded down $0.33 during trading hours on Thursday, hitting $13.80. 2,545,278 shares of the stock were exchanged, compared to its average volume of 2,886,436. The firm has a fifty day moving average price of $17.78 and a 200-day moving average price of $16.27. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. Rocket Companies has a 12 month low of $8.81 and a 12 month high of $21.38. The company has a market cap of $27.45 billion, a PE ratio of -85.88 and a beta of 2.46.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RKT shares. Wedbush reaffirmed a “neutral” rating and issued a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a research note on Wednesday. Royal Bank of Canada dropped their target price on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday. Wells Fargo & Company upped their price objective on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Bank of America increased their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft boosted their price target 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. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target 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.