Bank of New York Mellon Corp Purchases 694,779 Shares of Rocket Companies, Inc. (NYSE:RKT)

Bank of New York Mellon Corp lifted its position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 148.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,163,399 shares of the company's stock after purchasing an additional 694,779 shares during the quarter. Bank of New York Mellon Corp owned about 0.06% of Rocket Companies worth $14,042,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Rocket Companies by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company's stock valued at $140,976,000 after buying an additional 431,054 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Rocket Companies by 2.2% in the fourth quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company's stock worth $91,904,000 after acquiring an additional 174,978 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of Rocket Companies by 52.7% during the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock valued at $91,455,000 after purchasing an additional 2,804,090 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Rocket Companies by 174.5% during the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock valued at $52,980,000 after purchasing an additional 2,990,837 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its position in Rocket Companies by 37.3% during the fourth quarter. Voloridge Investment Management LLC now owns 2,187,240 shares of the company's stock valued at $24,628,000 after purchasing an additional 593,708 shares during the period. 4.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RKT has been the topic of several recent research reports. The Goldman Sachs Group increased their price target on shares of Rocket Companies from $14.00 to $16.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. UBS Group upped their price target on Rocket Companies from $13.00 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Barclays raised Rocket Companies from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $10.00 to $14.00 in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods boosted their price objective on Rocket Companies from $13.00 to $14.00 and gave the company a "market perform" rating in a research note on Thursday, July 10th. Finally, Royal Bank Of Canada restated a "sector perform" rating and set a $18.00 target price on shares of Rocket Companies in a research note on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $14.46.

Rocket Companies Stock Up 1.5%

Shares of NYSE RKT opened at $13.99 on Friday. The stock has a 50 day moving average price of $13.44 and a 200 day moving average price of $13.01. The firm has a market capitalization of $27.98 billion, a price-to-earnings ratio of -466.33 and a beta of 2.28. Rocket Companies, Inc. has a 52-week low of $10.06 and a 52-week high of $21.38. The company has a debt-to-equity ratio of 1.37, a quick ratio of 12.62 and a current ratio of 12.62.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.26 billion. Rocket Companies had a return on equity of 3.61% and a net margin of 0.06%. The business's revenue for the quarter was down 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 EPS. Sell-side analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

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.

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