Edgestream Partners L.P. Increases Stake in Rocket Companies, Inc. (NYSE:RKT)

Edgestream Partners L.P. increased its stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 713.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 121,642 shares of the company's stock after purchasing an additional 106,681 shares during the quarter. Edgestream Partners L.P.'s holdings in Rocket Companies were worth $1,468,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. CWM LLC raised its holdings in Rocket Companies by 22.8% during the 1st quarter. CWM LLC now owns 6,702 shares of the company's stock valued at $81,000 after acquiring an additional 1,243 shares during the period. Arizona State Retirement System raised its holdings in Rocket Companies by 8.2% during the 1st quarter. Arizona State Retirement System now owns 39,739 shares of the company's stock valued at $480,000 after acquiring an additional 3,023 shares during the period. Nisa Investment Advisors LLC raised its holdings in Rocket Companies by 47.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 78,100 shares of the company's stock valued at $1,007,000 after acquiring an additional 25,000 shares during the period. Stratos Wealth Partners LTD. raised its holdings in Rocket Companies by 52.1% during the 1st quarter. Stratos Wealth Partners LTD. now owns 24,717 shares of the company's stock valued at $298,000 after acquiring an additional 8,463 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Rocket Companies by 33.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 29,845 shares of the company's stock valued at $360,000 after acquiring an additional 7,432 shares during the period. Institutional investors own 4.59% of the company's stock.

Rocket Companies Stock Up 1.5%

Shares of NYSE RKT traded up $0.21 during trading hours on Friday, hitting $13.99. 11,541,896 shares of the stock were exchanged, compared to its average volume of 7,230,988. The company has a quick ratio of 12.62, a current ratio of 12.62 and a debt-to-equity ratio of 1.37. The company has a market cap of $27.98 billion, a PE ratio of -466.33 and a beta of 2.28. The firm has a fifty day moving average price of $13.44 and a 200-day moving average price of $13.00. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $21.38.

Rocket Companies (NYSE:RKT - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, hitting analysts' consensus estimates of $0.04. Rocket Companies had a net margin of 0.06% and a return on equity of 3.61%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the business earned $0.04 earnings per share. The business's quarterly revenue was down 10.8% compared to the same quarter last year. On average, sell-side analysts expect that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Wall Street Analyst Weigh In

RKT has been the topic of several research analyst reports. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $18.00 price target on shares of Rocket Companies in a report on Tuesday, April 1st. UBS Group upped their price objective on shares of Rocket Companies from $13.00 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price target for the company in a research note on Wednesday, April 2nd. Wedbush reaffirmed a "neutral" rating and set a $12.00 target price (down previously from $13.00) on shares of Rocket Companies in a research note on Friday, May 9th. Finally, The Goldman Sachs Group increased their price target on shares of Rocket Companies from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $14.46.

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.