Cambridge Investment Research Advisors Inc. Decreases Stake in Rocket Companies, Inc. (NYSE:RKT)

Cambridge Investment Research Advisors Inc. lessened its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 7.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,811 shares of the company’s stock after selling 2,185 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Rocket Companies were worth $312,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. AXQ Capital LP boosted its stake in shares of Rocket Companies by 125.7% during the fourth quarter. AXQ Capital LP now owns 146,691 shares of the company’s stock valued at $1,652,000 after purchasing an additional 81,695 shares during the period. GAMMA Investing LLC raised its holdings in shares of Rocket Companies by 2,101.4% during the first quarter. GAMMA Investing LLC now owns 47,133 shares of the company’s stock valued at $569,000 after acquiring an additional 44,992 shares in the last quarter. Hsbc Holdings PLC grew its stake in Rocket Companies by 875.5% in the fourth quarter. Hsbc Holdings PLC now owns 145,485 shares of the company’s stock worth $1,634,000 after purchasing an additional 130,571 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in Rocket Companies in the first quarter worth $583,000. Finally, Aquatic Capital Management LLC grew its stake in Rocket Companies by 54.5% in the fourth quarter. Aquatic Capital Management LLC now owns 173,754 shares of the company’s stock worth $1,956,000 after purchasing an additional 61,265 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RKT. Keefe, Bruyette & Woods increased their target price on Rocket Companies from $13.00 to $14.00 and gave the stock a “market perform” rating in a research note on Thursday. The Goldman Sachs Group lifted their price objective on Rocket Companies from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft raised Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Wednesday, April 2nd. Barclays raised Rocket Companies from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $10.00 to $14.00 in a research note on Tuesday, April 8th. Finally, UBS Group lifted their target price on Rocket Companies from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.46.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $13.68 on Friday. The stock has a market cap of $27.36 billion, a price-to-earnings ratio of -456.00 and a beta of 2.28. The company has a debt-to-equity ratio of 1.37, a quick ratio of 12.62 and a current ratio of 12.62. The stock has a 50 day moving average price of $13.23 and a 200-day moving average price of $12.92. Rocket Companies, Inc. has a one year low of $10.06 and a one year high of $21.38.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.26 billion. Rocket Companies had a return on equity of 3.61% and a net margin of 0.06%. Rocket Companies’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.04 EPS. Equities analysts expect that Rocket Companies, Inc. will post 0.15 EPS 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.