Hsbc Holdings PLC Decreases Stock Holdings in Rocket Companies, Inc. (NYSE:RKT)

Hsbc Holdings PLC trimmed its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 10.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,899 shares of the company’s stock after selling 1,728 shares during the period. Hsbc Holdings PLC’s holdings in Rocket Companies were worth $204,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of RKT. Vima LLC purchased a new position in shares of Rocket Companies during the fourth quarter valued at approximately $31,000. Blue Trust Inc. bought a new position in Rocket Companies in the 2nd quarter worth $61,000. EntryPoint Capital LLC purchased a new stake in shares of Rocket Companies in the 1st quarter worth about $77,000. Principal Financial Group Inc. bought a new stake in shares of Rocket Companies during the 1st quarter valued at about $150,000. Finally, Wedmont Private Capital purchased a new position in shares of Rocket Companies during the first quarter valued at about $154,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Performance

Shares of RKT stock opened at $17.52 on Friday. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27. The company has a 50 day moving average price of $18.86 and a 200-day moving average price of $15.55. Rocket Companies, Inc. has a 52 week low of $7.17 and a 52 week high of $21.38. The firm has a market capitalization of $34.86 billion, a PE ratio of 159.29 and a beta of 2.44.

Rocket Companies (NYSE:RKT) last posted its 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. The business had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.22 billion. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) EPS. As a group, equities research analysts expect that Rocket Companies, Inc. will post 0.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RKT. JPMorgan Chase & Co. upped their target price on Rocket Companies from $13.50 to $15.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. UBS Group upped their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a research report on Monday, September 16th. Royal Bank of Canada boosted their price objective on shares of Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 11th. Bank of America lifted their target price on shares of Rocket Companies from $12.00 to $14.00 and gave the company an “underperform” rating in a report on Thursday, August 29th. Finally, Wells Fargo & Company lifted their price objective on 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 equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $14.16.

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.