Crestline Management LP Acquires Shares of 64,498 Rocket Companies, Inc. (NYSE:RKT)

Crestline Management LP acquired a new position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 64,498 shares of the company's stock, valued at approximately $726,000.

Several other large investors have also recently modified their holdings of RKT. Itau Unibanco Holding S.A. bought a new position in shares of Rocket Companies during the 4th quarter worth approximately $47,000. KBC Group NV raised its stake in shares of Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company's stock worth $68,000 after acquiring an additional 2,226 shares in the last quarter. Sterling Capital Management LLC raised its stake in shares of Rocket Companies by 57.2% during the 4th quarter. Sterling Capital Management LLC now owns 8,295 shares of the company's stock worth $93,000 after acquiring an additional 3,019 shares in the last quarter. Caisse Des Depots ET Consignations bought a new position in shares of Rocket Companies during the 4th quarter worth approximately $99,000. Finally, Garner Asset Management Corp bought a new position in shares of Rocket Companies during the 4th quarter worth approximately $118,000. Institutional investors own 4.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Wedbush restated a "neutral" rating and set a $12.00 price target (down previously from $13.00) on shares of Rocket Companies in a research note on Friday. Royal Bank of Canada restated a "sector perform" rating and set a $18.00 price target on shares of Rocket Companies in a research note on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price target on the stock in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods cut their price target on shares of Rocket Companies from $15.00 to $13.00 and set a "market perform" rating on the stock in a research note on Monday. Finally, UBS Group cut their price target on shares of Rocket Companies from $14.00 to $13.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $14.13.

Rocket Companies Stock Performance

NYSE RKT traded up $0.50 during mid-day trading on Monday, reaching $11.61. 14,570,207 shares of the stock were exchanged, compared to its average volume of 5,137,080. The business's 50 day moving average is $13.13 and its 200-day moving average is $13.06. Rocket Companies, Inc. has a 1 year low of $10.06 and a 1 year high of $21.38. The company has a market capitalization of $23.17 billion, a P/E ratio of -72.54 and a beta of 2.33. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.04. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the firm posted $0.04 earnings per share. The firm's quarterly revenue was down 10.8% compared to the same quarter last year. On average, equities research analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

Rocket Companies Cuts Dividend

The company also recently declared a dividend, which was paid on Thursday, April 3rd. Investors of record on Thursday, March 20th were issued a dividend of $0.80 per share. The ex-dividend date of this dividend was Thursday, March 20th. Rocket Companies's dividend payout ratio (DPR) is presently -4,273.33%.

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.