Rocket Companies (NYSE:RKT) Reports Earnings, Beats Expectations of $0.04 per EPS



Rocket Companies (NYSE: RKTGet a rating) released its quarterly results on Tuesday. The company reported earnings per share of $0.15 for the quarter, missing analyst consensus estimates of $0.19 per ($0.04), MarketWatch Earnings reports. The company posted revenue of $1.93 billion in the quarter, versus analyst estimates of $2.24 billion. Rocket Companies had a return on equity of 48.76% and a net margin of 2.38%. The company’s revenue was down 52.2% year over year. During the same quarter of the previous year, the company achieved EPS of $0.55.

NYSE: RKT opened at $7.81 on Wednesday. The company’s 50-day moving average is $10.21 and its two-hundred-day moving average is $13.02. The company has a debt ratio of 1.92, a current ratio of 21.68 and a quick ratio of 21.68. Rocket Companies has a 12-month low of $7.61 and a 12-month high of $22.68. The company has a market capitalization of $15.39 billion, a PE ratio of 3.35, a growth price-earnings ratio of 0.87 and a beta of 1.39.

The company also recently disclosed a dividend, which was paid on Tuesday, March 22. Shareholders of record on Tuesday, March 8 received a dividend of $1.01. The ex-dividend date was Monday, March 7.

A number of equity research analysts have commented on RKT shares. Barclays lowered its price target on Rocket Companies from $14.00 to $13.00 and set an “equal weight” rating on the stock in a Tuesday, April 12 report. Citigroup downgraded the Rocket companies from a “buy” rating to a “neutral” rating and lowered their target price for the company from $14.00 to $8.00 in a report released Wednesday. Credit Suisse Group lowered its price target on Rocket Companies from $16.00 to $13.00 and set a “neutral” rating on the stock in a Friday, February 25 report. Zacks Investment Research moved Rocket Companies from a “hold” rating to a “strong sell” rating in a Wednesday, March 2, report. Finally, Goldman Sachs Group lowered its price target on Rocket Companies from $14.00 to $11.50 and set a “neutral” rating on the stock in a Monday, April 4 report. Two investment analysts gave the stock a sell rating, ten gave the company a hold rating and two gave the company a buy rating. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $15.04.

In related news, CEO Jay Farner acquired 13,100 shares of the company in a transaction on Friday, April 1. The shares were purchased at an average cost of $11.04 per share, with a total value of $144,624.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available via the SEC website. Insiders acquired 311,200 shares of the company worth $2,938,744 in the last three months. 93.20% of the shares are currently held by insiders of the company.

A number of large investors have recently increased or reduced their stakes in the company. Geode Capital Management LLC increased its position in Rocket Companies shares by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 1,679,424 shares of the company worth $23,511,000 after acquiring an additional 89,003 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Rocket Companies by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 676,416 shares of the company worth $9,470,000 after acquiring 2,119 additional shares in the last quarter. Millennium Management LLC increased its position in shares of Rocket Companies by 13.5% during the fourth quarter. Millennium Management LLC now owns 292,358 shares of the company worth $4,093,000 after acquiring 34,722 additional shares in the last quarter. Wells Fargo & Company MN increased its position in Rocket Companies shares by 52.5% during the fourth quarter. Wells Fargo & Company MN now owns 221,279 shares of the company worth $3,098,000 after acquiring an additional 76,173 shares in the last quarter. Finally, Credit Suisse AG increased its position in shares of Rocket Companies by 44.6% during the fourth quarter. Credit Suisse AG now owns 181,705 shares in the company worth $2,544,000 after acquiring an additional 56,070 shares in the last quarter. 3.71% of the shares are currently held by institutional investors.

About Rocket Companies (Get a rating)

Rocket Companies, Inc. operates in the technology-driven real estate, mortgage, and e-commerce industries 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 which provides title insurance, real estate appraisal and settlement services; Rocket Homes, a home search platform and realtor referral network, which offers technology services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized, virtual car-selling support to online car-buying platforms; and Rocket Loans, an online personal loan company.

See also

Earnings history for rocket companies (NYSE: RKT)



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