Algert Global LLC Raises Holdings in Rocket Companies, Inc. (NYSE:RKT)

Algert Global LLC grew its stake in Rocket Companies, Inc. (NYSE:RKT) by 117.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 23,285 shares of the company’s stock after buying an additional 12,565 shares during the quarter. Algert Global LLC’s holdings in Rocket Companies were worth $319,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Rocket Companies by 10.4% in the fourth quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock worth $169,457,000 after acquiring an additional 1,101,325 shares during the last quarter. Boston Partners increased its holdings in Rocket Companies by 4.2% in the first 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 during the last quarter. Renaissance Technologies LLC raised its stake in 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 buying an additional 510,400 shares in the last quarter. Marshall Wace LLP purchased a new stake in Rocket Companies during the 2nd quarter worth about $10,811,000. Finally, Capital Fund Management S.A. lifted its holdings in Rocket Companies by 27.8% during the 4th quarter. Capital Fund Management S.A. now owns 502,110 shares of the company’s stock worth $7,271,000 after buying an additional 109,278 shares during the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RKT shares. Wedbush raised their target price on Rocket Companies from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Royal Bank of Canada raised their price objective on shares of Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 11th. Bank of America increased their target price on shares of Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. UBS Group boosted their price target on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research report on Monday, September 16th. Finally, Wells Fargo & Company raised their price objective on Rocket Companies from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Five research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.89.

Rocket Companies Stock Performance

NYSE RKT opened at $17.56 on Wednesday. The firm has a market cap of $34.92 billion, a P/E ratio of 159.64 and a beta of 2.44. Rocket Companies, Inc. has a 52-week low of $7.17 and a 52-week high of $21.38. The business’s 50-day moving average price is $18.89 and its 200 day moving average price is $15.58. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27.

Rocket Companies (NYSE:RKT) last announced its earnings results 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 the consensus estimate of $1.22 billion. During the same period last year, the business posted ($0.05) EPS. The company’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts expect that Rocket Companies, Inc. will post 0.22 earnings per share for the current 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.