Renaissance Technologies LLC Raises Stock Holdings in Rocket Companies, Inc. (NYSE:RKT)

Renaissance Technologies LLC raised its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 26.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,468,700 shares of the company’s stock after acquiring an additional 510,400 shares during the period. Renaissance Technologies LLC owned approximately 0.12% of Rocket Companies worth $33,821,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Private Advisor Group LLC bought a new position in Rocket Companies during the fourth quarter valued at approximately $317,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rocket Companies by 5.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 716,974 shares of the company’s stock valued at $10,382,000 after buying an additional 35,470 shares during the period. Principal Securities Inc. purchased a new position in shares of Rocket Companies in the 4th quarter worth $26,000. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Rocket Companies by 27.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 16,226 shares of the company’s stock worth $235,000 after acquiring an additional 3,533 shares during the period. Finally, HCR Wealth Advisors grew its holdings in shares of Rocket Companies by 9.2% in the fourth quarter. HCR Wealth Advisors now owns 76,295 shares of the company’s stock worth $1,105,000 after acquiring an additional 6,423 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RKT. JPMorgan Chase & Co. raised their target price on Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Wedbush raised their price objective on shares of Rocket Companies from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Bank of America lifted their price target on shares of Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Finally, Wells Fargo & Company upped their price objective on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $13.73.

Rocket Companies Stock Performance

NYSE RKT opened at $20.43 on Thursday. The firm has a market cap of $40.61 billion, a price-to-earnings ratio of 185.68 and a beta of 2.45. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. The business has a 50-day moving average price of $17.91 and a 200-day moving average price of $15.01. Rocket Companies, Inc. has a twelve month low of $7.17 and a twelve month high of $21.38.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.22 billion. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.05) EPS. As a group, equities research analysts predict that Rocket Companies, Inc. will post 0.22 EPS for the current fiscal year.

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.