Rocket Companies, Inc. (NYSE:RKT) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 148.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,163,399 shares of the company's stock after buying an additional 694,779 shares during the period. Bank of New York Mellon Corp owned 0.06% of Rocket Companies worth $14,042,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Mather Group LLC. raised its holdings in shares of Rocket Companies by 312.2% during the first quarter. Mather Group LLC. now owns 2,601 shares of the company's stock worth $31,000 after purchasing an additional 1,970 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Rocket Companies by 302.2% during the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock worth $36,000 after purchasing an additional 2,221 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Rocket Companies by 82.4% during the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock worth $47,000 after purchasing an additional 1,764 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Rocket Companies during the fourth quarter worth $47,000. Finally, Sterling Capital Management LLC grew its position in Rocket Companies by 57.2% during the fourth quarter. Sterling Capital Management LLC now owns 8,295 shares of the company's stock valued at $93,000 after buying an additional 3,019 shares during the period. Hedge funds and other institutional investors own 4.59% of the company's stock.

Wall Street Analyst Weigh In

RKT has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their price target on shares of Rocket Companies from $13.00 to $14.00 and gave the company a "market perform" rating in a research report on Thursday, July 10th. Barclays upgraded shares of Rocket Companies from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $10.00 to $14.00 in a research report on Tuesday, April 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 target price on the stock in a research report on Wednesday, April 2nd. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $18.00 target price on shares of Rocket Companies in a research report on Tuesday, April 1st. Finally, The Goldman Sachs Group lifted their target price on shares of Rocket Companies from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.42.

Rocket Companies Trading Up 1.2%

Shares of Rocket Companies stock traded up $0.19 on Wednesday, reaching $16.19. The company had a trading volume of 64,179,897 shares, compared to its average volume of 7,801,425. The firm's 50 day moving average price is $13.65 and its two-hundred day moving average price is $13.09. The firm has a market cap of $32.37 billion, a PE ratio of -539.53 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 released its earnings results on Thursday, May 8th. The company reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. Rocket Companies had a net margin of 0.06% and a return on equity of 3.61%. The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.26 billion. During the same quarter last year, the business earned $0.04 EPS. The business's revenue was down 10.8% on a year-over-year basis. Sell-side analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal 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.