LPL Financial LLC Grows Stock Holdings in Rocket Companies, Inc. (NYSE:RKT)

Key Points

• LPL Financial LLC increased its stake in Rocket Companies by 12.5%, now holding over 1 million shares valued at approximately $12.34 million.
• Research analysts have raised their price targets for Rocket Companies, with a consensus rating of "Hold" and an average target price of $14.79.
• Rocket Companies reported earnings of $0.04 per share for the last quarter, exceeding estimates and reflecting a 4.5% year-over-year revenue increase.

LPL Financial LLC boosted its holdings in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 12.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,022,356 shares of the company's stock after buying an additional 113,883 shares during the period. LPL Financial LLC owned approximately 0.05% of Rocket Companies worth $12,340,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Cetera Investment Advisers grew its stake in Rocket Companies by 2.9% in the 4th quarter. Cetera Investment Advisers now owns 33,035 shares of the company's stock valued at $372,000 after buying an additional 936 shares in the last quarter. Vident Advisory LLC grew its stake in Rocket Companies by 3.6% in the 4th quarter. Vident Advisory LLC now owns 30,798 shares of the company's stock valued at $347,000 after buying an additional 1,078 shares in the last quarter. CWM LLC grew its stake in 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 buying an additional 1,243 shares in the last quarter. Brooktree Capital Management grew its stake in Rocket Companies by 1.3% in the 1st quarter. Brooktree Capital Management now owns 112,073 shares of the company's stock valued at $1,353,000 after buying an additional 1,479 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Rocket Companies by 82.4% in the 1st quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock valued at $47,000 after buying an additional 1,764 shares in the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RKT shares. Jefferies Financial Group raised their price target on shares of Rocket Companies from $11.50 to $14.00 and gave the company a "hold" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group raised 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. Keefe, Bruyette & Woods upped their target price on Rocket Companies from $14.00 to $15.00 and gave the stock a "market perform" rating in a research note on Tuesday. UBS Group set a $16.00 price target on Rocket Companies and gave the company a "neutral" rating in a report on Tuesday. Finally, Wedbush reaffirmed a "neutral" rating and issued a $12.00 price target (down previously from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Rocket Companies presently has a consensus rating of "Hold" and an average target price of $14.79.

Rocket Companies Stock Performance

Shares of NYSE RKT opened at $17.56 on Friday. The stock's 50-day moving average is $14.36 and its 200 day moving average is $13.48. The stock has a market cap of $35.11 billion, a price-to-earnings ratio of -351.10 and a beta of 2.28. Rocket Companies, Inc. has a 1-year low of $10.06 and a 1-year high of $21.38. The company has a current ratio of 18.74, a quick ratio of 12.62 and a debt-to-equity ratio of 2.36.

Rocket Companies (NYSE:RKT - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.01. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rocket Companies had a positive return on equity of 3.18% and a negative net margin of 0.01%. Rocket Companies's quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.06 EPS. On average, sell-side analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal 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.

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