Geode Capital Management LLC Increases Holdings in Rocket Companies, Inc. (NYSE:RKT)

Geode Capital Management LLC raised its stake in Rocket Companies, Inc. (NYSE:RKT) by 0.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,043,975 shares of the company’s stock after purchasing an additional 12,735 shares during the quarter. Geode Capital Management LLC owned about 0.10% of Rocket Companies worth $39,235,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of RKT. Raymond James & Associates raised its holdings in shares of Rocket Companies by 48.7% during the 3rd quarter. Raymond James & Associates now owns 300,612 shares of the company’s stock valued at $5,769,000 after buying an additional 98,397 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Rocket Companies during the third quarter valued at approximately $1,071,000. XTX Topco Ltd acquired a new position in shares of Rocket Companies during the third quarter worth $1,486,000. Victory Capital Management Inc. boosted its stake in shares of Rocket Companies by 324.4% in the third quarter. Victory Capital Management Inc. now owns 67,161 shares of the company’s stock valued at $1,289,000 after purchasing an additional 51,336 shares during the period. Finally, Entropy Technologies LP acquired a new stake in Rocket Companies during the 3rd quarter valued at $875,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $11.11 on Wednesday. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm has a 50-day simple moving average of $14.64 and a 200 day simple moving average of $16.17. Rocket Companies, Inc. has a fifty-two week low of $10.87 and a fifty-two week high of $21.38. The company has a market cap of $22.16 billion, a PE ratio of -69.44 and a beta of 2.38.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The business’s quarterly revenue was down 46.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.01) EPS. On average, sell-side analysts anticipate that Rocket Companies, Inc. will post 0.16 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on RKT. JPMorgan Chase & Co. cut their price objective on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a report on Monday, December 9th. Bank of America increased their price target on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a report on Thursday, November 14th. Wedbush restated a “neutral” rating and set a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Piper Sandler reduced their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Finally, UBS Group decreased their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a research report on Thursday, November 14th. Six equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $13.92.

Rocket Companies Company 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.