Altfest L J & Co. Inc. Takes Position in Rocket Companies, Inc. (NYSE:RKT)

Key Points

• Altfest L J & Co. Inc. acquired a new stake in Rocket Companies, purchasing 40,861 shares valued at approximately $493,000.
• Rocket Companies reported a quarterly earnings per share (EPS) of $0.04, exceeding expectations, with a revenue of $1.36 billion for the quarter.
• Analysts have provided mixed ratings for Rocket Companies, with an average rating of "Hold" and a consensus target price of $14.79.

Altfest L J & Co. Inc. acquired a new position in Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund acquired 40,861 shares of the company's stock, valued at approximately $493,000.

Several other institutional investors and hedge funds have also made changes to their positions in RKT. Bank of New York Mellon Corp lifted its holdings in Rocket Companies by 148.3% in the 1st quarter. Bank of New York Mellon Corp now owns 1,163,399 shares of the company's stock valued at $14,042,000 after purchasing an additional 694,779 shares in the last quarter. Kestra Private Wealth Services LLC purchased a new position in shares of Rocket Companies during the 1st quarter worth about $310,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Rocket Companies during the 1st quarter worth about $281,000. GAMMA Investing LLC lifted its holdings in shares of Rocket Companies by 2,101.4% during the 1st quarter. GAMMA Investing LLC now owns 47,133 shares of the company's stock worth $569,000 after acquiring an additional 44,992 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in shares of Rocket Companies by 875.5% during the 4th quarter. Hsbc Holdings PLC now owns 145,485 shares of the company's stock worth $1,634,000 after acquiring an additional 130,571 shares during the period. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Rocket Companies from $14.00 to $16.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Barclays increased their target price on shares of Rocket Companies from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. UBS Group set a $16.00 price objective on shares of Rocket Companies and gave the company a "neutral" rating in a research report on Tuesday. Jefferies Financial Group increased their price objective on shares of Rocket Companies from $11.50 to $14.00 and gave the company a "hold" rating in a research report on Tuesday, July 22nd. Finally, Wedbush reissued a "neutral" rating and set a $12.00 price target (down previously from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $14.79.

Rocket Companies Stock Performance

RKT traded down $0.72 during trading hours on Friday, hitting $16.83. 12,914,859 shares of the stock were exchanged, compared to its average volume of 24,490,802. The stock has a 50-day simple moving average of $14.44 and a 200-day simple moving average of $13.52. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $21.38. The stock has a market cap of $33.66 billion, a price-to-earnings ratio of -336.60 and a beta of 2.28. The company has a debt-to-equity ratio of 2.36, a current ratio of 18.74 and a quick ratio of 12.62.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.04 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.28 billion. Rocket Companies had a positive return on equity of 3.18% and a negative net margin of 0.01%. The company's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period last year, the company earned $0.06 earnings per share. Analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

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.