Rocket Companies (NYSE:RKT) Issues Quarterly Earnings Results

Rocket Companies (NYSE:RKT) issued its quarterly earnings results on Tuesday. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08, Briefing.com reports. The business had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company’s revenue was down 46.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.01) EPS. Rocket Companies updated its Q4 2024 guidance to EPS.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $13.66 on Friday. The stock has a 50 day moving average of $17.78 and a 200 day moving average of $16.27. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 13.18. Rocket Companies has a 12 month low of $8.81 and a 12 month high of $21.38.

Wall Street Analyst Weigh In

Several analysts have issued reports on RKT shares. Wedbush reissued a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday. UBS Group lowered their price objective on Rocket Companies from $14.00 to $12.50 and set a “sell” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. increased their target price on shares of Rocket Companies from $15.00 to $19.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Barclays lowered their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday. Finally, Piper Sandler decreased their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average 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.