Davis Selected Advisers Lowers Holdings in Rocket Companies, Inc. (NYSE:RKT)

Key Points

• Davis Selected Advisers has reduced its stake in Rocket Companies, Inc. by 1.0%, now holding approximately 3.14 million shares valued at about $37.89 million.
• Rocket Companies saw its stock price decline by 3.1% and currently has a market capitalization of $35.11 billion.
• Several analysts have increased their price targets for Rocket Companies, with the consensus target now at $14.79 after recent estimates from various firms.

Davis Selected Advisers cut its holdings in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 1.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,139,289 shares of the company's stock after selling 31,650 shares during the period. Davis Selected Advisers owned approximately 0.16% of Rocket Companies worth $37,891,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mather Group LLC. grew its position in Rocket Companies by 312.2% in the 1st quarter. Mather Group LLC. now owns 2,601 shares of the company's stock worth $31,000 after purchasing an additional 1,970 shares in the last quarter. Parallel Advisors LLC grew its position in Rocket Companies by 302.2% in the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock worth $36,000 after purchasing an additional 2,221 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies in the 4th quarter worth about $47,000. GAMMA Investing LLC grew its position in Rocket Companies by 82.4% in the 1st quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock worth $47,000 after purchasing an additional 1,764 shares in the last quarter. Finally, Signaturefd LLC grew its position in Rocket Companies by 147.1% in the 1st quarter. Signaturefd LLC now owns 4,372 shares of the company's stock worth $53,000 after purchasing an additional 2,603 shares in the last quarter. 4.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RKT has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price objective 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. Wedbush reaffirmed a "neutral" rating and issued a $12.00 price objective (down from $13.00) on shares of Rocket Companies in a research report on Friday, May 9th. Keefe, Bruyette & Woods upped their price objective on shares of Rocket Companies from $14.00 to $15.00 and gave the stock a "market perform" rating in a research report on Tuesday. Jefferies Financial Group boosted their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the company a "hold" rating in a research note on Tuesday, July 22nd. Finally, Barclays boosted their target price on shares of Rocket Companies from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Rocket Companies has an average rating of "Hold" and a consensus target price of $14.79.

Rocket Companies Stock Performance

Shares of RKT stock traded down $0.72 during trading on Friday, reaching $16.83. 12,914,859 shares of the company's stock traded hands, compared to its average volume of 24,490,802. The company has a market capitalization of $33.66 billion, a P/E ratio of -336.60 and a beta of 2.28. The company has a current ratio of 18.74, a quick ratio of 12.62 and a debt-to-equity ratio of 2.36. The firm's 50-day moving average is $14.44 and its 200 day moving average is $13.52. Rocket Companies, Inc. has a 1 year low of $10.06 and a 1 year high of $21.38.

Rocket Companies (NYSE:RKT - Get Free Report) last announced 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 analysts' expectations of $1.28 billion. Rocket Companies had a negative net margin of 0.01% and a positive return on equity of 3.18%. Rocket Companies's revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.06 EPS. Equities research analysts expect that Rocket Companies, Inc. will post 0.15 EPS for the current year.

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.