Healthcare of Ontario Pension Plan Trust Fund Cuts Stock Position in Rocket Companies, Inc. (NYSE:RKT)

Healthcare of Ontario Pension Plan Trust Fund cut its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 39.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,512 shares of the company’s stock after selling 38,080 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Rocket Companies were worth $815,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in RKT. Vanguard Group Inc. raised its holdings in shares of Rocket Companies by 10.4% in the 4th quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock worth $169,457,000 after purchasing an additional 1,101,325 shares during the period. Boston Partners increased its position in Rocket Companies by 4.2% in the first quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after buying an additional 381,841 shares during the last quarter. Renaissance Technologies LLC raised its stake 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 buying an additional 510,400 shares during the period. Marshall Wace LLP bought a new stake in shares of Rocket Companies in the second quarter valued at $10,811,000. Finally, Capital Fund Management S.A. lifted its position in shares of Rocket Companies by 27.8% during the 4th quarter. Capital Fund Management S.A. now owns 502,110 shares of the company’s stock valued at $7,271,000 after buying an additional 109,278 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RKT has been the topic of a number of research reports. Royal Bank of Canada boosted their price objective on Rocket Companies from $16.00 to $20.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 11th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. Barclays upped their price target on shares of Rocket Companies from $10.00 to $14.00 and gave the company an “underweight” rating in a research note on Tuesday. UBS Group lifted their price objective on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a research note on Monday, September 16th. Finally, Bank of America lifted their target price on Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. Five investment analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.89.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $17.56 on Wednesday. The company’s fifty day moving average price is $18.89 and its 200-day moving average price is $15.58. 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 $34.92 billion, a price-to-earnings ratio of 159.64 and a beta of 2.44. Rocket Companies, Inc. has a one year low of $7.17 and a one year high of $21.38.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, August 1st. The company reported $0.06 EPS 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 analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. The firm’s revenue 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.

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.