Charles Schwab Investment Management Inc. Acquires 72,308 Shares of Rocket Companies, Inc. (NYSE:RKT)

Charles Schwab Investment Management Inc. increased its stake in Rocket Companies, Inc. (NYSE:RKT) by 7.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,040,709 shares of the company’s stock after acquiring an additional 72,308 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.05% of Rocket Companies worth $19,971,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Renaissance Technologies LLC grew its position in Rocket Companies by 26.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares during the period. Marshall Wace LLP acquired a new position in shares of Rocket Companies during the second quarter valued at about $10,811,000. Greylin Investment Management Inc increased its position in shares of Rocket Companies by 45.7% during the second quarter. Greylin Investment Management Inc now owns 355,868 shares of the company’s stock worth $4,875,000 after acquiring an additional 111,563 shares in the last quarter. Philip James Wealth Mangement LLC bought a new stake in shares of Rocket Companies during the third quarter worth about $6,811,000. Finally, Raymond James & Associates raised its holdings in shares of Rocket Companies by 48.7% in the 3rd quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock worth $5,769,000 after acquiring an additional 98,397 shares during the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Stock Up 0.5 %

RKT stock opened at $13.57 on Friday. Rocket Companies, Inc. has a fifty-two week low of $10.08 and a fifty-two week high of $21.38. The stock has a fifty day moving average of $16.03 and a 200-day moving average of $16.29. The company has a market capitalization of $27.06 billion, a price-to-earnings ratio of -84.78 and a beta of 2.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. The company had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The company’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. As a group, equities research analysts predict that Rocket Companies, Inc. will post 0.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RKT. UBS Group decreased their price objective on Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a report on Thursday, November 14th. Morgan Stanley started coverage on Rocket Companies in a research report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 price target for the company. Barclays cut their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Wednesday, November 13th. Royal Bank of Canada lowered their target price on shares of Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, November 13th. Finally, Piper Sandler cut their price target on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.13.

Rocket Companies 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.