Second Quarter 2022 Earnings Estimate for Rocket Companies, Inc. Released by Wedbush (NYSE: RKT)
Rocket Companies, Inc. (NYSE: RKT – Get a rating) – Wedbush analysts cut their second quarter 2022 earnings per share (EPS) estimates for Rocket Companies in a research note published Friday, April 8. Wedbush analyst H. Coffey now expects the company to earn $0.32 per share for the quarter, down from his previous estimate of $0.35. Wedbush currently has a “Neutral” rating and a target price of $14.00 on the stock. Wedbush also released estimates of Rocket Companies’ third quarter 2022 earnings at $0.27 EPS, fiscal year 2022 earnings at $1.04 EPS, and fiscal year 2023 earnings at $1.19 EPS. .
RKT has been the subject of several other research reports. Wells Fargo & Company cut its price target on Rocket Companies stock from $20.00 to $17.00 and set an “equal weight” rating on the stock in a Thursday, Dec. 16 research note. Goldman Sachs Group lowered its price target on Rocket Companies shares from $14.00 to $11.50 and set a “neutral” rating for the company in a Monday, April 4 research report. Bank of America downgraded shares of Rocket Companies from a “neutral” rating to an “underperforming” rating and lowered its price target for the stock from $21.00 to $11.00 in a report of research from Tuesday, February 22. Morgan Stanley lowered its price target on Rocket Companies shares from $12.00 to $11.00 and set an “equal weight” rating for the company in a Thursday, April 7 research report. Finally, Barclays lowered its price target on Rocket Companies shares from $19.00 to $14.00 and set an “equal weight” rating for the company in a Monday, February 28 research report. Two analysts gave the stock a sell rating, nine gave the company a hold rating and three gave the company a buy rating. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.54.
Shares of RKT opened at $9.84 on Monday. The company has a debt ratio of 1.92, a quick ratio of 21.68 and a current ratio of 21.68. The company has a market capitalization of $19.52 billion, a price-earnings ratio of 4.22, a PEG ratio of 0.91 and a beta of 1.31. The company’s 50-day simple moving average is $11.62 and its 200-day simple moving average is $14.03. Rocket Companies has a 1-year low of $9.42 and a 1-year high of $23.33.
Rocket Companies (NYSE: RKT – Get a rating) last reported quarterly earnings data on Thursday, February 24. The company reported earnings per share (EPS) of $0.30 for the quarter, missing the consensus estimate of $0.36 per ($0.06). The company posted revenue of $2.59 billion for the quarter, versus $2.62 billion expected by analysts. Rocket Companies had a net margin of 2.38% and a return on equity of 48.76%. The company’s quarterly revenue was down 44.6% year over year. In the same period a year earlier, the company posted EPS of $1.12.
Institutional investors and hedge funds have recently increased or reduced their stakes in the stock. Moors & Cabot Inc. bought a new position in Rocket Companies during Q3 worth $31,000. Rockefeller Capital Management LP raised its position in Rocket Companies shares by 173.2% in the fourth quarter. Rockefeller Capital Management LP now owns 3,500 shares of the company worth $49,000 after buying 2,219 additional shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its position in Rocket Companies shares by 111.6% in Q3. Patriot Financial Group Insurance Agency LLC now owns 3,640 shares of the company worth $58,000 after purchasing an additional 1,920 shares in the last quarter. The New York State Teachers’ Retirement System bought a new stock position in Rocket Companies in Q4 for about $73,000. Finally, Pinebridge Investments LP bought a new position in shares of Rocket Companies in Q4 for a value of around $74,000. 3.74% of the shares are held by institutional investors and hedge funds.
In other news, CEO Jay Farner bought 20,400 shares in a deal that took place on Friday, April 8. The shares were acquired at an average cost of $9.80 per share, with a total value of $199,920.00. The acquisition was disclosed in an SEC filing, available at this link. Insiders have purchased 70,500 shares of the company valued at $742,976 over the past three months. Insiders of the company own 93.20% of the shares of the company.
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.
Company Profile 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.
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