Miracle Mile Advisors LLC Takes $284,000 Position in Rocket Companies, Inc. (NYSE:RKT)

Miracle Mile Advisors 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 filing with the Securities and Exchange Commission. The firm purchased 23,500 shares of the company's stock, valued at approximately $284,000.

A number of other hedge funds have also added to or reduced their stakes in RKT. Wellington Management Group LLP lifted its stake in Rocket Companies by 174.5% during the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock worth $52,980,000 after purchasing an additional 2,990,837 shares during the last quarter. Boston Partners grew its position in Rocket Companies by 29.8% in the fourth quarter. Boston Partners now owns 12,313,780 shares of the company's stock valued at $138,673,000 after acquiring an additional 2,829,292 shares during the last quarter. Nuveen Asset Management LLC grew its position in Rocket Companies by 52.7% in the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock valued at $91,455,000 after acquiring an additional 2,804,090 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in Rocket Companies during the fourth quarter worth about $14,113,000. Finally, BNP Paribas Financial Markets bought a new position in shares of Rocket Companies in the fourth quarter worth about $11,037,000. 4.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on RKT shares. Barclays raised shares of Rocket Companies from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $10.00 to $14.00 in a report on Tuesday, April 8th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $18.00 target price on shares of Rocket Companies in a research note on Tuesday, April 1st. Keefe, Bruyette & Woods lowered their price target on shares of Rocket Companies from $15.00 to $13.00 and set a "market perform" rating for the company in a report on Monday, May 12th. Wedbush reissued a "neutral" rating and set a $12.00 price objective (down previously from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Finally, UBS Group upped their target price on Rocket Companies from $13.00 to $14.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $14.21.

Rocket Companies Stock Performance

Shares of NYSE RKT traded up $0.49 during midday trading on Thursday, hitting $14.18. The company's stock had a trading volume of 15,133,729 shares, compared to its average volume of 6,081,041. The stock has a fifty day moving average price of $12.58 and a 200 day moving average price of $12.74. The firm has a market capitalization of $28.36 billion, a price-to-earnings ratio of -88.63 and a beta of 2.28. Rocket Companies, Inc. has a one year low of $10.06 and a one year high of $21.38. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.04 EPS for the quarter, hitting the consensus estimate 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 positive return on equity of 2.86% and a negative net margin of 0.38%. The firm's revenue was down 10.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 EPS. On average, research analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

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.