Allspring Global Investments Holdings LLC Decreases Stock Holdings in Rocket Companies, Inc. (NYSE:RKT)

Allspring Global Investments Holdings LLC lessened its holdings in Rocket Companies, Inc. (NYSE:RKT) by 54.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 48,024 shares of the company’s stock after selling 57,731 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Rocket Companies were worth $695,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in RKT. Raymond James Financial Services Advisors Inc. acquired a new stake in Rocket Companies in the 4th quarter valued at $179,000. First Affirmative Financial Network grew its stake in shares of Rocket Companies by 18.0% in the fourth quarter. First Affirmative Financial Network now owns 13,450 shares of the company’s stock valued at $195,000 after buying an additional 2,052 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Rocket Companies by 232.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 16,028 shares of the company’s stock valued at $240,000 after buying an additional 11,200 shares in the last quarter. DMC Group LLC raised its holdings in shares of Rocket Companies by 11.7% during the 3rd quarter. DMC Group LLC now owns 21,145 shares of the company’s stock valued at $173,000 after buying an additional 2,217 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new position in Rocket Companies during the 3rd quarter worth approximately $188,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wedbush reiterated a “neutral” rating and set a $13.00 price objective on shares of Rocket Companies in a research note 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 note on Wednesday, January 3rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Rocket Companies in a report on Wednesday, January 10th. They issued a “hold” rating and a $10.00 price objective on the stock. Bank of America raised their target price on Rocket Companies from $7.00 to $8.00 and gave the company an “underperform” rating in a research note on Monday, March 18th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $10.50 price target (up previously from $8.50) on shares of Rocket Companies in a research note on Thursday, January 4th. Six investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, Rocket Companies has a consensus rating of “Hold” and an average target price of $10.02.

Rocket Companies Stock Performance

Rocket Companies stock opened at $12.55 on Thursday. The company has a debt-to-equity ratio of 0.92, a current ratio of 9.78 and a quick ratio of 9.78. Rocket Companies, Inc. has a 12 month low of $7.17 and a 12 month high of $15.19. The company has a fifty day moving average price of $12.58 and a two-hundred day moving average price of $11.36. The company has a market cap of $24.91 billion, a PE ratio of -78.41, a P/E/G ratio of 9.33 and a beta of 2.42.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $885.00 million during the quarter, compared to analyst estimates of $762.44 million. Rocket Companies had a negative net margin of 0.41% and a negative return on equity of 3.63%. The company’s quarterly revenue was up 29.6% on a year-over-year basis. During the same period last year, the firm posted ($0.12) earnings per share. Research analysts expect that Rocket Companies, Inc. will post 0.26 earnings per share for the current year.

Rocket Companies Company Profile

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.