Wedmont Private Capital Takes Position in Rocket Companies, Inc. (NYSE:RKT)

Wedmont Private Capital purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 10,914 shares of the company’s stock, valued at approximately $154,000.

A number of other hedge funds have also recently added to or reduced their stakes in RKT. Principal Securities Inc. acquired a new stake in shares of Rocket Companies in the fourth quarter valued at approximately $26,000. Vima LLC bought a new stake in Rocket Companies during the 4th quarter worth about $31,000. Tennessee Valley Asset Management Partners acquired a new position in Rocket Companies during the 4th quarter valued at about $37,000. Westpac Banking Corp boosted its stake in shares of Rocket Companies by 61.8% in the 4th quarter. Westpac Banking Corp now owns 5,927 shares of the company’s stock valued at $86,000 after purchasing an additional 2,264 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Rocket Companies during the 4th quarter worth approximately $179,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

Shares of RKT opened at $14.11 on Monday. The company has a market cap of $28.06 billion, a price-to-earnings ratio of 128.28 and a beta of 2.44. The company has a current ratio of 12.83, a quick ratio of 12.83 and a debt-to-equity ratio of 1.20. The company’s fifty day simple moving average is $13.59 and its 200 day simple moving average is $13.01. Rocket Companies, Inc. has a 1-year low of $7.17 and a 1-year high of $15.81.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 2nd. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.08. Rocket Companies had a net margin of 0.43% and a negative return on equity of 1.05%. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.02 billion. On average, research analysts forecast that Rocket Companies, Inc. will post 0.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on RKT shares. Bank of America increased their price objective on shares of Rocket Companies from $7.00 to $8.00 and gave the company an “underperform” rating in a report on Monday, March 18th. Citigroup upped their price target on shares of Rocket Companies from $10.00 to $11.00 and gave the company a “sell” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. boosted their price objective on shares of Rocket Companies from $10.50 to $11.00 and gave the company an “underweight” rating in a research report on Friday, May 3rd. UBS Group increased their target price on Rocket Companies from $8.50 to $10.00 and gave the stock a “sell” rating in a report on Monday, February 26th. Finally, Royal Bank of Canada boosted their price target on Rocket Companies from $12.00 to $14.00 and gave the company a “sector perform” rating in a report on Friday, May 3rd. Six analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and a consensus price target of $10.60.

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.