Edgestream Partners L.P. Cuts Stake in Rocket Companies, Inc. (NYSE:RKT)

Edgestream Partners L.P. lessened its holdings in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 75.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,582 shares of the company's stock after selling 57,358 shares during the quarter. Edgestream Partners L.P.'s holdings in Rocket Companies were worth $357,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Marshall Wace LLP bought a new stake in Rocket Companies in the 2nd quarter valued at $10,811,000. Renaissance Technologies LLC lifted its stake in shares of Rocket Companies by 26.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company's stock worth $33,821,000 after buying an additional 510,400 shares during the last quarter. Philip James Wealth Mangement LLC acquired a new stake in shares of Rocket Companies during the 3rd quarter worth about $6,811,000. Los Angeles Capital Management LLC bought a new stake in shares of Rocket Companies during the 3rd quarter worth about $3,655,000. Finally, AQR Capital Management LLC grew its stake in Rocket Companies by 306.3% in the 2nd quarter. AQR Capital Management LLC now owns 197,592 shares of the company's stock valued at $2,707,000 after buying an additional 148,965 shares during the last quarter. Institutional investors own 4.59% of the company's stock.

Analyst Ratings Changes

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

Rocket Companies Price Performance

Shares of RKT traded up $0.07 during trading hours on Friday, reaching $13.57. 2,502,905 shares of the company's stock traded hands, compared to its average volume of 3,723,049. Rocket Companies, Inc. has a 12 month low of $10.08 and a 12 month high of $21.38. The company has a current ratio of 15.47, a quick ratio of 15.47 and a debt-to-equity ratio of 1.51. The stock has a market cap of $27.07 billion, a PE ratio of -84.81 and a beta of 2.38. The firm's 50 day simple moving average is $15.93 and its 200-day simple moving average is $16.28.

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