Connective Portfolio Management LLC Takes $428,000 Position in Rocket Companies, Inc. (NYSE:RKT)

Connective Portfolio Management LLC acquired a new position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 38,000 shares of the company's stock, valued at approximately $428,000.

Other institutional investors also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in Rocket Companies during the 3rd quarter worth $39,000. Quarry LP increased its stake in shares of Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company's stock valued at $60,000 after buying an additional 3,899 shares during the period. V Square Quantitative Management LLC bought a new position in Rocket Companies in the 3rd quarter valued at approximately $120,000. Blue Trust Inc. boosted its position in Rocket Companies by 54.1% during the 3rd quarter. Blue Trust Inc. now owns 6,438 shares of the company's stock worth $124,000 after buying an additional 2,261 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in Rocket Companies by 3,429.7% during the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company's stock worth $142,000 after acquiring an additional 7,168 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Performance

NYSE RKT traded up $0.13 on Thursday, hitting $11.71. 2,008,212 shares of the stock traded hands, compared to its average volume of 3,181,243. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. The firm has a market capitalization of $23.35 billion, a price-to-earnings ratio of -73.16 and a beta of 2.42. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $21.38. The business's fifty day moving average is $12.75 and its two-hundred day moving average is $15.79.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The company had revenue of $647.00 million during the quarter, compared to analysts' expectations of $1.25 billion. During the same period in the previous year, the business earned ($0.01) earnings per share. The firm's quarterly revenue was down 46.2% compared to the same quarter last year. As a group, equities analysts anticipate that Rocket Companies, Inc. will post 0.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RKT shares. JPMorgan Chase & Co. reduced their price objective on shares of Rocket Companies from $14.00 to $10.50 and set an "underweight" rating on the stock in a research note on Tuesday. Barclays reduced their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an "underweight" rating for the company in a report on Wednesday, November 13th. Wedbush restated a "neutral" rating and issued a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a report on Wednesday, November 13th. Keefe, Bruyette & Woods cut their price target on Rocket Companies from $11.50 to $10.50 and set an "underperform" rating for the company in a research note on Friday, January 3rd. Finally, UBS Group upgraded Rocket Companies from a "sell" rating to a "neutral" rating and dropped their target price for the company from $12.50 to $11.50 in a report on Friday, January 10th. Five research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $13.50.

Rocket Companies Company 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.