Raymond James & Associates Raises Stake in Rocket Companies, Inc. (NYSE:RKT)

Raymond James & Associates lifted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 6.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 172,308 shares of the company’s stock after buying an additional 10,314 shares during the quarter. Raymond James & Associates’ holdings in Rocket Companies were worth $2,495,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC grew its holdings in Rocket Companies by 1.1% in the third quarter. FMR LLC now owns 11,540,617 shares of the company’s stock valued at $94,402,000 after purchasing an additional 122,894 shares during the period. Invesco Ltd. grew its holdings in Rocket Companies by 4.8% in the first quarter. Invesco Ltd. now owns 10,789,221 shares of the company’s stock valued at $119,975,000 after purchasing an additional 490,407 shares during the period. Vanguard Group Inc. grew its holdings in Rocket Companies by 29.0% in the first quarter. Vanguard Group Inc. now owns 10,028,437 shares of the company’s stock valued at $111,517,000 after purchasing an additional 2,252,066 shares during the period. BlackRock Inc. grew its holdings in Rocket Companies by 2.7% in the first quarter. BlackRock Inc. now owns 6,684,239 shares of the company’s stock valued at $74,328,000 after purchasing an additional 178,545 shares during the period. Finally, Boston Partners purchased a new stake in Rocket Companies in the third quarter valued at approximately $47,544,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RKT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. restated an “underweight” rating and issued a $10.50 target price (up from $8.50) on shares of Rocket Companies in a report on Thursday, January 4th. Wells Fargo & Company reduced their price target on shares of Rocket Companies from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Friday, February 23rd. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $10.75 price target on shares of Rocket Companies in a research report on Wednesday, January 3rd. UBS Group lifted their price target on shares of Rocket Companies from $8.50 to $10.00 and gave the company a “sell” rating in a research report on Monday, February 26th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Rocket Companies in a research report on Wednesday, January 10th. They set a “hold” rating and a $10.00 price target on the stock. Six analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $10.02.

Rocket Companies Trading Down 4.7 %

NYSE RKT opened at $11.67 on Tuesday. The company’s fifty day simple moving average is $12.53 and its 200-day simple moving average is $11.18. Rocket Companies, Inc. has a 52 week low of $7.17 and a 52 week high of $15.19. The company has a current ratio of 9.78, a quick ratio of 9.78 and a debt-to-equity ratio of 0.92. The stock has a market cap of $23.17 billion, a P/E ratio of -72.94, a PEG ratio of 10.28 and a beta of 2.41.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, February 22nd. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Rocket Companies had a negative return on equity of 3.63% and a negative net margin of 0.41%. The firm had revenue of $885.00 million for the quarter, compared to analyst estimates of $762.44 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. The company’s revenue for the quarter was up 29.6% on a year-over-year basis. Equities research analysts predict that Rocket Companies, Inc. will post 0.24 EPS for the current fiscal year.

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.