Bridges Investment Management Inc. Makes New $143,000 Investment in Rocket Companies, Inc. (NYSE:RKT)

Bridges Investment Management Inc. purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,422 shares of the company’s stock, valued at approximately $143,000.

A number of other institutional investors have also recently made changes to their positions in RKT. Vanguard Group Inc. raised its stake in Rocket Companies by 10.4% in the 4th quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock valued at $169,457,000 after acquiring an additional 1,101,325 shares during the period. Renaissance Technologies LLC raised its position in shares of Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares during the period. Boston Partners lifted its stake in shares of Rocket Companies by 4.2% during the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock valued at $136,462,000 after buying an additional 381,841 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Rocket Companies in the 1st quarter worth approximately $2,698,000. Finally, Bank of Nova Scotia purchased a new position in Rocket Companies in the 4th quarter valued at approximately $1,852,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Bank of America increased their target price on Rocket Companies from $12.00 to $14.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft raised their target price on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperform” rating to a “market perform” rating in a research report on Monday, August 5th. Wedbush raised their price objective on shares of Rocket Companies from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Finally, Wells Fargo & Company upped their target price on shares of Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Five 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 presently has an average rating of “Hold” and an average target price of $13.73.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $18.83 on Monday. Rocket Companies, Inc. has a one year low of $7.17 and a one year high of $21.38. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18. The firm has a market capitalization of $37.44 billion, a price-to-earnings ratio of 171.18 and a beta of 2.45. The company’s fifty day moving average price is $18.10 and its 200-day moving average price is $15.12.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the business posted ($0.05) earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts anticipate that Rocket Companies, Inc. will post 0.22 earnings per share for the current fiscal year.

Rocket Companies 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.