Fmr LLC Lowers Holdings in Rocket Companies, Inc. (NYSE:RKT)

FMR LLC cut its position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 31.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,638,277 shares of the company's stock after selling 3,523,053 shares during the period. FMR LLC owned 0.38% of Rocket Companies worth $146,579,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Kingsview Wealth Management LLC acquired a new stake in Rocket Companies during the third quarter worth about $235,000. Cerity Partners LLC lifted its position in shares of Rocket Companies by 85.1% during the 3rd quarter. Cerity Partners LLC now owns 31,190 shares of the company's stock worth $599,000 after buying an additional 14,340 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Rocket Companies by 7.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company's stock worth $19,971,000 after buying an additional 72,308 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Rocket Companies by 324.4% in the 3rd quarter. Victory Capital Management Inc. now owns 67,161 shares of the company's stock valued at $1,289,000 after acquiring an additional 51,336 shares during the period. Finally, Aigen Investment Management LP increased its holdings in shares of Rocket Companies by 38.3% in the 3rd quarter. Aigen Investment Management LP now owns 24,978 shares of the company's stock valued at $479,000 after acquiring an additional 6,922 shares during the period. 4.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. UBS Group lowered their price target on shares of Rocket Companies from $14.00 to $12.50 and set a "sell" rating on the stock in a research note on Thursday, November 14th. Morgan Stanley assumed coverage on shares of Rocket Companies in a research note on Tuesday, November 5th. They set an "equal weight" rating and a $18.00 price objective for the company. Royal Bank of Canada dropped their target price on shares of Rocket Companies from $20.00 to $18.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 13th. Bank of America increased their target price on Rocket Companies from $14.00 to $15.00 and gave the company an "underperform" rating in a research note on Thursday, November 14th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Rocket Companies from $15.00 to $19.00 and gave the company an "underweight" rating in a report on Monday, October 7th. Five investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $15.13.

Rocket Companies Stock Performance

Shares of RKT stock traded down $0.29 during trading on Wednesday, hitting $13.75. The company's stock had a trading volume of 2,564,680 shares, compared to its average volume of 2,899,988. The business has a fifty day moving average of $16.14 and a 200-day moving average of $16.31. Rocket Companies, Inc. has a 52 week low of $9.64 and a 52 week high of $21.38. The company has a market cap of $27.43 billion, a PE ratio of -85.94 and a beta of 2.38. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51.

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