Parallel Advisors LLC Buys 2,221 Shares of Rocket Companies, Inc. (NYSE:RKT)

Parallel Advisors LLC boosted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 302.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,956 shares of the company’s stock after acquiring an additional 2,221 shares during the period. Parallel Advisors LLC’s holdings in Rocket Companies were worth $36,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its stake in Rocket Companies by 2.9% in the fourth quarter. Cetera Investment Advisers now owns 33,035 shares of the company’s stock valued at $372,000 after buying an additional 936 shares in the last quarter. Vident Advisory LLC grew its position in shares of Rocket Companies by 3.6% during the 4th quarter. Vident Advisory LLC now owns 30,798 shares of the company’s stock worth $347,000 after buying an additional 1,078 shares during the period. KBC Group NV grew its position in shares of Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company’s stock worth $68,000 after buying an additional 2,226 shares during the period. The Manufacturers Life Insurance Company grew its position in Rocket Companies by 9.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 27,825 shares of the company’s stock valued at $313,000 after purchasing an additional 2,437 shares during the period. Finally, Lakeshore Financial Planning Inc. grew its position in Rocket Companies by 21.7% in the 4th quarter. Lakeshore Financial Planning Inc. now owns 13,996 shares of the company’s stock valued at $158,000 after purchasing an additional 2,500 shares during the period. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

RKT opened at $12.76 on Tuesday. Rocket Companies, Inc. has a 1 year low of $10.06 and a 1 year high of $21.38. The stock has a 50-day moving average price of $12.63 and a 200-day moving average price of $12.73. The firm has a market cap of $25.52 billion, a PE ratio of -79.74 and a beta of 2.28. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.26 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 EPS. Sell-side analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

RKT has been the topic of a number of research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target on shares of Rocket Companies in a report on Tuesday, April 1st. UBS Group upped their price objective on shares of Rocket Companies from $13.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, May 29th. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods dropped their price objective on Rocket Companies from $15.00 to $13.00 and set a “market perform” rating for the company in a research note on Monday, May 12th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $12.00 price target (down previously from $13.00) on shares of Rocket Companies in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.21.

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.