Commonwealth Equity Services LLC Increases Stock Position in Rocket Companies, Inc. (NYSE:RKT)

Commonwealth Equity Services LLC lifted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 21.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 69,645 shares of the company’s stock after buying an additional 12,397 shares during the period. Commonwealth Equity Services LLC’s holdings in Rocket Companies were worth $954,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in RKT. Capital Fund Management S.A. lifted its position in shares of Rocket Companies by 27.8% during the fourth quarter. Capital Fund Management S.A. now owns 502,110 shares of the company’s stock worth $7,271,000 after purchasing an additional 109,278 shares in the last quarter. Swiss National Bank lifted its position in shares of Rocket Companies by 4.1% during the first quarter. Swiss National Bank now owns 237,000 shares of the company’s stock worth $3,448,000 after purchasing an additional 9,300 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Rocket Companies in the first quarter worth about $2,698,000. Vanguard Group Inc. increased its holdings in Rocket Companies by 10.4% in the fourth quarter. Vanguard Group Inc. now owns 11,702,838 shares of the company’s stock valued at $169,457,000 after buying an additional 1,101,325 shares during the last quarter. Finally, Wedmont Private Capital acquired a new stake in Rocket Companies during the first quarter valued at approximately $154,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Stock Performance

RKT opened at $20.67 on Wednesday. The company has a current ratio of 13.18, a quick ratio of 13.18 and a debt-to-equity ratio of 1.27. The stock’s 50 day simple moving average is $17.77 and its 200-day simple moving average is $14.97. Rocket Companies, Inc. has a 1 year low of $7.17 and a 1 year high of $21.28. The stock has a market cap of $41.10 billion, a PE ratio of 187.91 and a beta of 2.45.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the company earned ($0.05) earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. Sell-side analysts forecast that Rocket Companies, Inc. will post 0.22 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on RKT shares. Deutsche Bank Aktiengesellschaft upped their target price on Rocket Companies from $11.00 to $15.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Wedbush upped 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. UBS Group upped their price target on Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a report on Monday. JPMorgan Chase & Co. upped their price target on Rocket Companies from $13.50 to $15.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company boosted their target price on shares of Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Five 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.com, the company presently has an average rating of “Hold” and a consensus price target of $13.73.

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.