The Manufacturers Life Insurance Company Lowers Position in Rocket Companies, Inc. $RKT

Key Points

• The Manufacturers Life Insurance Company cut its Rocket Companies stake by 66.8% in the first quarter, selling 170,559 shares and retaining 84,826 shares valued at approximately $1.21 million.
• Other institutional investors, including Quantinno Capital Management, Delta Global Management and Bridgewater Advisors, increased their positions; hedge funds and institutions collectively own 4.59% of RKT.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $19.80 price target, despite several firms recently lowering their targets. Rocket reported quarterly revenue growth of 91.9% year over year and earnings in line with estimates.

The Manufacturers Life Insurance Company reduced its position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 66.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 84,826 shares of the company's stock after selling 170,559 shares during the period. The Manufacturers Life Insurance Company's holdings in Rocket Companies were worth $1,209,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in RKT. Quantinno Capital Management LP boosted its holdings in Rocket Companies by 110.4% in the 1st quarter. Quantinno Capital Management LP now owns 1,079,686 shares of the company's stock valued at $15,386,000 after purchasing an additional 566,619 shares in the last quarter. Delta Global Management LP raised its stake in shares of Rocket Companies by 21.4% during the 1st quarter. Delta Global Management LP now owns 981,153 shares of the company's stock worth $13,981,000 after buying an additional 173,069 shares in the last quarter. Lombard Odier Asset Management Switzerland SA lifted its holdings in shares of Rocket Companies by 25.2% in the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 28,800 shares of the company's stock valued at $410,000 after buying an additional 5,800 shares during the period. Kryger Capital LLC acquired a new stake in shares of Rocket Companies in the 1st quarter valued at approximately $1,245,000. Finally, Bridgewater Advisors Inc. boosted its stake in shares of Rocket Companies by 19.0% in the first quarter. Bridgewater Advisors Inc. now owns 286,808 shares of the company's stock valued at $3,874,000 after buying an additional 45,806 shares in the last quarter. Institutional investors and hedge funds own 4.59% of the company's stock.

Wall Street Analysts Forecast Growth

RKT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $15.50 to $14.00 and set a "neutral" rating on the stock in a report on Friday, August 7th. Wells Fargo & Company reduced their target price on Rocket Companies from $17.00 to $15.00 and set an "equal weight" rating for the company in a report on Friday, August 7th. Zacks Research upgraded shares of Rocket Companies from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 12th. Keefe, Bruyette & Woods lowered their price target on shares of Rocket Companies from $20.00 to $19.00 and set an "outperform" rating on the stock in a research note on Monday. Finally, Royal Bank Of Canada cut their price target on shares of Rocket Companies from $20.00 to $15.00 and set a "sector perform" rating for the company in a report on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $19.80.

Rocket Companies Stock Performance

NYSE RKT opened at $14.34 on Wednesday. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36. The company has a market capitalization of $40.57 billion, a P/E ratio of 102.41 and a beta of 2.19. The business has a 50 day moving average price of $14.00 and a 200 day moving average price of $15.31. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.37.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.16 EPS for the quarter, hitting analysts' consensus estimates of $0.16. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.Rocket Companies's quarterly revenue was up 91.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.04 earnings per share. Sell-side analysts expect that Rocket Companies, Inc. will post 0.54 EPS for the current fiscal year.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company's core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.

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