Rocket Companies, Inc. (NYSE:RKT) Stake Increased by Caitong International Asset Management Co. Ltd

Key Points

• Caitong International Asset Management Co. Ltd increased its stake in Rocket Companies by 1,932.8%, now owning 13,823 shares worth $167,000.
• Wall Street analysts have set a consensus rating of "Hold" for Rocket Companies, with an average target price of $14.79.
• Rocket Companies reported a quarterly revenue of $1.36 billion, exceeding analyst expectations, with an earnings per share (EPS) of $0.04.

Caitong International Asset Management Co. Ltd increased its stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 1,932.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,823 shares of the company's stock after buying an additional 13,143 shares during the period. Caitong International Asset Management Co. Ltd's holdings in Rocket Companies were worth $167,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RKT. Mather Group LLC. increased its stake in shares of Rocket Companies by 312.2% in the first quarter. Mather Group LLC. now owns 2,601 shares of the company's stock worth $31,000 after buying an additional 1,970 shares during the last quarter. Parallel Advisors LLC increased its stake in Rocket Companies by 302.2% during the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock valued at $36,000 after purchasing an additional 2,221 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in Rocket Companies during the fourth quarter valued at $47,000. GAMMA Investing LLC increased its stake in Rocket Companies by 82.4% during the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock valued at $47,000 after purchasing an additional 1,764 shares during the last quarter. Finally, Signaturefd LLC increased its stake in Rocket Companies by 147.1% during the first 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 last quarter. Institutional investors own 4.59% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. UBS Group set a $16.00 target price on shares of Rocket Companies and gave the company a "neutral" rating in a research note on Tuesday, August 5th. Jefferies Financial Group boosted their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the company a "hold" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group boosted their target price on shares of Rocket Companies from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Barclays boosted their target price on shares of Rocket Companies from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the company a "market perform" rating in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $14.79.

Rocket Companies Stock Up 7.3%

Rocket Companies stock opened at $19.61 on Thursday. The company has a 50-day simple moving average of $14.79 and a 200-day simple moving average of $13.64. The firm has a market capitalization of $39.22 billion, a P/E ratio of -392.20 and a beta of 2.28. The company has a debt-to-equity ratio of 2.36, a quick ratio of 12.62 and a current ratio of 18.74. Rocket Companies, Inc. has a one year low of $10.06 and a one year high of $21.38.

Rocket Companies (NYSE:RKT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.28 billion. Rocket Companies had a negative net margin of 0.01% and a positive return on equity of 3.18%. The company's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.06 earnings per share. As a group, equities analysts expect 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.