Victory Capital Management Inc. decreased its position in Rocket Companies, Inc. (NYSE:RKT – Get Rating) by 16.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 342,388 shares of the company's stock after selling 66,901 shares during the period. Victory Capital Management Inc.'s holdings in Rocket Companies were worth $2,164,000 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. JPMorgan Chase & Co. boosted its holdings in shares of Rocket Companies by 8.3% in the first quarter. JPMorgan Chase & Co. now owns 92,184 shares of the company's stock valued at $1,025,000 after acquiring an additional 7,048 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Rocket Companies by 32.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 16,693 shares of the company's stock valued at $186,000 after purchasing an additional 4,056 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Rocket Companies by 9.2% in the first quarter. Bank of New York Mellon Corp now owns 737,843 shares of the company's stock valued at $8,205,000 after purchasing an additional 61,950 shares during the period. US Bancorp DE lifted its stake in shares of Rocket Companies by 341.4% in the first quarter. US Bancorp DE now owns 4,414 shares of the company's stock valued at $49,000 after purchasing an additional 3,414 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Rocket Companies in the first quarter valued at about $52,000. Hedge funds and other institutional investors own 3.99% of the company's stock.
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Wall Street Analysts Forecast Growth
Several analysts recently commented on RKT shares. Wells Fargo & Company raised their price objective on shares of Rocket Companies from $7.00 to $10.00 and gave the company an "overweight" rating in a research note on Tuesday, December 6th. Credit Suisse Group cut shares of Rocket Companies from a "neutral" rating to an "underperform" rating and set a $7.00 target price for the company. in a research report on Monday, January 9th. Barclays lifted their target price on shares of Rocket Companies from $4.50 to $6.00 in a research report on Friday, January 6th. The Goldman Sachs Group cut their target price on shares of Rocket Companies from $7.25 to $6.50 and set a "neutral" rating for the company in a research report on Monday, November 7th. Finally, Morgan Stanley cut their target price on shares of Rocket Companies from $7.00 to $6.50 and set an "equal weight" rating for the company in a research report on Friday, November 4th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $7.96.
Rocket Companies Price Performance
RKT opened at $9.73 on Thursday. The company has a quick ratio of 11.69, a current ratio of 11.69 and a debt-to-equity ratio of 1.09. Rocket Companies, Inc. has a 52-week low of $5.97 and a 52-week high of $14.31. The company has a 50 day moving average of $8.09 and a two-hundred day moving average of $8.02. The company has a market cap of $19.17 billion, a P/E ratio of 12.47 and a beta of 1.84.
Rocket Companies (NYSE:RKT – Get Rating) last announced its earnings results on Thursday, November 3rd. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The firm had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $1.09 billion. Rocket Companies had a net margin of 1.41% and a return on equity of 5.21%. On average, analysts expect that Rocket Companies, Inc. will post -0.16 earnings per share for the current year.
Insider Activity
In related news, CEO Jay Farner purchased 32,100 shares of the business's stock in a transaction that occurred on Monday, November 7th. The shares were purchased at an average cost of $6.23 per share, with a total value of $199,983.00. Following the completion of the acquisition, the chief executive officer now directly owns 5,226,607 shares of the company's stock, valued at approximately $32,561,761.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders bought 337,800 shares of company stock worth $2,520,943. 94.01% of the stock is currently owned by company insiders.
About Rocket Companies
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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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.
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