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UPDATE: Argus Downgrades Rocket Cos Inc. (RKT) to Hold

May 31, 2022 7:22 AM EDT
Get Alerts RKT Hot Sheet
Price: $10.45 --0%

Rating Summary:
    11 Buy, 13 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 5 | Down: 15 | New: 12
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(Updated - May 31, 2022 7:23 AM EDT)

Argus analyst Kevin Heal downgraded Rocket Cos Inc. (NYSE: RKT) from Buy to Hold.

The analyst comments "We are lowering our rating on Rocket Companies Inc. (NYSE: RKT) to HOLD from a BUY. RKT is the largest U.S. mortgage originator, with approximately 10% of the overall market. The company employs a direct-to-consumer model, in which borrowers work directly with Rocket. It also has a growing wholesale business that uses independent mortgage brokers as its salesforce. In addition, the company has broadened its business to include personal loans and mortgage processing, as well as Rocket Auto, an automotive retail marketplace, and TrueBill, a recently acquired personal finance app. In an effort to capture market share in a rising rate environment, Rocket has also formed partnerships with Morgan Stanley and Salesforce that will allow other lenders to use Rocket's technology."

For an analyst ratings summary and ratings history on Rocket Cos Inc. click here. For more ratings news on Rocket Cos Inc. click here.

Shares of Rocket Cos Inc. closed at $9.47 yesterday.


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