Rocket Companies, Inc. (NYSE:RKT) Shares Bought by Connective Portfolio Management LLC

Connective Portfolio Management LLC grew its position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 84.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 70,000 shares of the company's stock after acquiring an additional 32,000 shares during the quarter. Rocket Companies comprises 2.9% of Connective Portfolio Management LLC's portfolio, making the stock its 15th biggest position. Connective Portfolio Management LLC's holdings in Rocket Companies were worth $845,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of Rocket Companies by 174.5% in the fourth quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock valued at $52,980,000 after buying an additional 2,990,837 shares in the last quarter. Boston Partners grew its stake in shares of 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 buying an additional 2,829,292 shares in the last quarter. Nuveen Asset Management LLC grew its stake in shares of 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 buying an additional 2,804,090 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Rocket Companies in the fourth quarter valued at about $14,113,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Rocket Companies in the fourth quarter valued at about $11,037,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods lowered their target price on Rocket Companies from $15.00 to $13.00 and set a "market perform" rating for the company in a research note on Monday, May 12th. Deutsche Bank Aktiengesellschaft upgraded Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 price objective for the company in a research note on Wednesday, April 2nd. Barclays upgraded Rocket Companies from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $10.00 to $14.00 in a research note on Tuesday, April 8th. UBS Group raised their price objective on Rocket Companies from $13.00 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Finally, Royal Bank Of Canada restated a "sector perform" rating and set a $18.00 price objective on shares of Rocket Companies in a research note on Tuesday, April 1st. Two 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, Rocket Companies currently has a consensus rating of "Hold" and a consensus target price of $14.21.

Rocket Companies Price Performance

Shares of RKT opened at $14.40 on Friday. The firm has a market cap of $28.79 billion, a price-to-earnings ratio of -479.83, a PEG ratio of 0.89 and a beta of 2.28. The stock has a 50 day moving average of $12.72 and a 200-day moving average of $12.72. The company has a current ratio of 12.62, a quick ratio of 12.62 and a debt-to-equity ratio of 1.37. Rocket Companies, Inc. has a 52 week low of $10.06 and a 52 week high of $21.38.

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 company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.26 billion. Rocket Companies had a return on equity of 3.61% and a net margin of 0.06%. The business's revenue was down 10.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 EPS. As a group, analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current 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.

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