Kestra Private Wealth Services LLC Invests $310,000 in Rocket Companies, Inc. (NYSE:RKT)

Key Points

• Kestra Private Wealth Services LLC has made a new investment in Rocket Companies, purchasing 25,670 shares valued at approximately $310,000.
• Multiple institutional investors have significantly increased their stakes in Rocket Companies, with Mather Group LLC raising its investment by 312.2% during the first quarter.
• Rocket Companies reported earnings of $0.04 per share in its latest quarter, with a revenue decrease of 10.8% year-over-year, falling short of analysts' expectations.

Kestra Private Wealth Services LLC purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 25,670 shares of the company's stock, valued at approximately $310,000.

Several other large investors also recently bought and sold shares of RKT. Victory Capital Management Inc. boosted its position in shares of Rocket Companies by 29.7% during the 1st quarter. Victory Capital Management Inc. now owns 152,347 shares of the company's stock worth $1,839,000 after acquiring an additional 34,899 shares in the last quarter. Signaturefd LLC boosted its position in shares of Rocket Companies by 147.1% in the 1st quarter. Signaturefd LLC now owns 4,372 shares of the company's stock valued at $53,000 after purchasing an additional 2,603 shares during the period. Edgestream Partners L.P. boosted its position in shares of Rocket Companies by 713.1% in the 1st quarter. Edgestream Partners L.P. now owns 121,642 shares of the company's stock valued at $1,468,000 after purchasing an additional 106,681 shares during the period. CWM LLC boosted its position in shares of Rocket Companies by 22.8% in the 1st quarter. CWM LLC now owns 6,702 shares of the company's stock valued at $81,000 after purchasing an additional 1,243 shares during the period. Finally, Arizona State Retirement System boosted its position in shares of Rocket Companies by 8.2% in the 1st quarter. Arizona State Retirement System now owns 39,739 shares of the company's stock valued at $480,000 after purchasing an additional 3,023 shares during the period. Hedge funds and other institutional investors own 4.59% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RKT. Keefe, Bruyette & Woods upped their target price on Rocket Companies from $13.00 to $14.00 and gave the company a "market perform" rating in a research report on Thursday, July 10th. Deutsche Bank Aktiengesellschaft raised Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 target price for the company in a research report on Wednesday, April 2nd. The Goldman Sachs Group upped their target price on Rocket Companies from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Royal Bank Of Canada reissued 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, UBS Group upped their target price on Rocket Companies from $13.00 to $14.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Rocket Companies currently has an average rating of "Hold" and an average target price of $14.42.

Rocket Companies Stock Performance

RKT traded up $0.18 on Tuesday, hitting $15.22. 16,712,918 shares of the company traded hands, compared to its average volume of 11,513,245. The stock has a market capitalization of $30.44 billion, a PE ratio of -507.23 and a beta of 2.28. The company has a 50 day moving average of $13.77 and a 200-day moving average of $13.22. Rocket Companies, Inc. has a 12-month low of $10.06 and a 12-month high of $21.38. The company has a quick ratio of 12.62, a current ratio of 12.62 and a debt-to-equity ratio of 1.37.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.04. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.26 billion. Rocket Companies had a return on equity of 3.61% and a net margin of 0.06%. The company's revenue for the quarter was down 10.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.04 EPS. Sell-side 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.