Edgestream Partners L.P. Makes New $1.04 Million Investment in Rocket Companies, Inc. (NYSE:RKT)

Edgestream Partners L.P. purchased a new position in Rocket Companies, Inc. (NYSE:RKT) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 75,940 shares of the company’s stock, valued at approximately $1,040,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RKT. Charles Schwab Investment Management Inc. lifted its position in shares of Rocket Companies by 5.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 716,974 shares of the company’s stock worth $10,382,000 after buying an additional 35,470 shares during the last quarter. Principal Securities Inc. acquired a new position in shares of Rocket Companies during the 4th quarter worth about $26,000. Vanguard Personalized Indexing Management LLC lifted its position in shares of Rocket Companies by 27.8% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 16,226 shares of the company’s stock worth $235,000 after purchasing an additional 3,533 shares during the last quarter. HCR Wealth Advisors lifted its position in shares of Rocket Companies by 9.2% during the 4th quarter. HCR Wealth Advisors now owns 76,295 shares of the company’s stock worth $1,105,000 after purchasing an additional 6,423 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new position in shares of Rocket Companies during the 4th quarter worth about $1,852,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Wells Fargo & Company boosted their price objective on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft boosted their price objective on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. UBS Group boosted their price objective on Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a research report on Monday, September 16th. Bank of America boosted their price objective on Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Finally, Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Five equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $13.73.

Rocket Companies Trading Down 1.8 %

RKT stock opened at $18.85 on Friday. Rocket Companies, Inc. has a 1-year low of $7.17 and a 1-year high of $21.38. The firm has a market cap of $37.48 billion, a P/E ratio of 171.36 and a beta of 2.45. The business’s 50 day moving average is $18.10 and its 200-day moving average is $15.08. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.01. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the company posted ($0.05) EPS. The company’s revenue was up 5.3% compared to the same quarter last year. Equities analysts anticipate that Rocket Companies, Inc. will post 0.22 earnings per share 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.