Rocket Companies (NYSE:RKT) Announces Quarterly Earnings Results

Rocket Companies (NYSE:RKT) released its earnings results on Tuesday. The company reported $0.08 earnings per share (EPS) for the quarter, hitting 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 business had revenue of $647.00 million during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior 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 Price Performance

Shares of NYSE RKT traded down $0.33 during trading on Thursday, hitting $13.80. The company had a trading volume of 2,545,278 shares, compared to its average volume of 2,886,436. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18. Rocket Companies has a 52 week low of $8.81 and a 52 week high of $21.38. The company has a market cap of $27.45 billion, a P/E ratio of -85.88 and a beta of 2.46. The business’s 50-day moving average is $17.78 and its 200 day moving average is $16.27.

Wall Street Analysts Forecast Growth

RKT has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lowered their price objective on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating for the company in a research report on Thursday. Piper Sandler lowered their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday. Wells Fargo & Company boosted their target price on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Morgan Stanley initiated coverage on Rocket Companies in a research report on Tuesday, November 5th. They set an “equal weight” rating and a $18.00 target price on the stock. Finally, Royal Bank of Canada dropped 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. Five analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, the company 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.