Point72 Asset Management L.P. Makes New $14.11 Million Investment in Rocket Companies, Inc. (NYSE:RKT)

Point72 Asset Management L.P. acquired a new position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,253,375 shares of the company's stock, valued at approximately $14,113,000. Point72 Asset Management L.P. owned about 0.06% of Rocket Companies at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of RKT. Barclays PLC boosted its holdings in Rocket Companies by 136.2% during the 3rd quarter. Barclays PLC now owns 238,323 shares of the company's stock worth $4,573,000 after acquiring an additional 137,441 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in Rocket Companies by 75.1% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 28,508 shares of the company's stock worth $321,000 after acquiring an additional 12,230 shares during the last quarter. Missouri Trust & Investment Co boosted its holdings in Rocket Companies by 21.5% during the 4th quarter. Missouri Trust & Investment Co now owns 86,295 shares of the company's stock worth $972,000 after acquiring an additional 15,260 shares during the last quarter. Lincoln Capital Corp purchased a new position in Rocket Companies during the 4th quarter worth $1,831,000. Finally, KBC Group NV boosted its holdings in Rocket Companies by 58.1% during the 4th quarter. KBC Group NV now owns 6,056 shares of the company's stock worth $68,000 after acquiring an additional 2,226 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Trading Up 3.4%

Shares of Rocket Companies stock opened at $13.21 on Friday. Rocket Companies, Inc. has a 52-week low of $10.06 and a 52-week high of $21.38. The stock's 50-day simple moving average is $13.01 and its 200 day simple moving average is $12.98. The stock has a market capitalization of $26.36 billion, a P/E ratio of -82.53 and a beta of 2.33. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.26 billion. During the same period in the prior year, the business posted $0.04 earnings per share. The company's revenue was down 10.8% on a year-over-year basis. As a group, research analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Rocket Companies Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 20th were issued a dividend of $0.80 per share. The ex-dividend date was Thursday, March 20th. Rocket Companies's payout ratio is -4,273.33%.

Analysts Set New Price Targets

RKT has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price objective on the stock in a report on Wednesday, April 2nd. Royal Bank of Canada reiterated a "sector perform" rating and set a $18.00 target price on shares of Rocket Companies in a research note on Tuesday, April 1st. UBS Group lowered their target price on Rocket Companies from $14.00 to $13.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Wedbush reiterated a "neutral" rating and set a $12.00 target price (down from $13.00) on shares of Rocket Companies in a research note on Friday, May 9th. Finally, Barclays upgraded Rocket Companies from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $10.00 to $14.00 in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $14.13.

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.

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