Entropy Technologies LP Acquires Shares of 45,597 Rocket Companies, Inc. (NYSE:RKT)

Entropy Technologies LP acquired a new position in Rocket Companies, Inc. (NYSE:RKT - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 45,597 shares of the company's stock, valued at approximately $875,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in shares of Rocket Companies in the third quarter worth $39,000. Quarry LP raised its position in Rocket Companies by 858.8% in the 2nd quarter. Quarry LP now owns 4,353 shares of the company's stock worth $60,000 after buying an additional 3,899 shares during the last quarter. Blue Trust Inc. bought a new position in Rocket Companies during the 2nd quarter valued at about $61,000. EntryPoint Capital LLC bought a new position in Rocket Companies during the 1st quarter valued at about $77,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Rocket Companies during the 3rd quarter valued at about $120,000. 4.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Royal Bank of Canada decreased their price objective on shares of Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating for the company in a report on Wednesday. Bank of America boosted their target price on shares of Rocket Companies from $14.00 to $15.00 and gave the company an "underperform" rating in a research note on Thursday. JPMorgan Chase & Co. raised their price target on Rocket Companies from $15.00 to $19.00 and gave the stock an "underweight" rating in a research note on Monday, October 7th. Wedbush reiterated a "neutral" rating and set a $13.00 price objective (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Rocket Companies from $11.00 to $15.00 and gave the company a "hold" rating in a report on Friday, August 2nd. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $15.13.

Rocket Companies Stock Performance

Shares of RKT stock traded down $0.41 during trading hours on Thursday, reaching $13.72. 1,956,733 shares of the company traded hands, compared to its average volume of 2,885,150. The firm has a 50-day moving average price of $17.78 and a 200 day moving average price of $16.27. The company has a market cap of $27.30 billion, a P/E ratio of -85.88 and a beta of 2.46. Rocket Companies, Inc. has a 12-month low of $8.81 and a 12-month high of $21.38. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18.

Rocket Companies (NYSE:RKT - Get Free Report) last issued 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. The business had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.84%. The company's revenue for the quarter was down 46.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.01) earnings per share. As a group, sell-side analysts predict that Rocket Companies, Inc. will post 0.22 earnings per share for the current fiscal year.

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.