Alight Capital Management LP Decreases Stake in Rocket Companies, Inc. (NYSE:RKT)

Alight Capital Management LP lessened its stake in Rocket Companies, Inc. (NYSE:RKT) by 28.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 288,115 shares of the company’s stock after selling 111,885 shares during the quarter. Alight Capital Management LP’s holdings in Rocket Companies were worth $3,947,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RKT. Principal Securities Inc. acquired a new position in Rocket Companies during the fourth quarter worth about $26,000. Vima LLC acquired a new stake in shares of Rocket Companies in the 4th quarter worth approximately $31,000. Blue Trust Inc. purchased a new position in Rocket Companies in the 2nd quarter valued at approximately $61,000. EntryPoint Capital LLC acquired a new position in Rocket Companies during the first quarter worth $77,000. Finally, Bridges Investment Management Inc. acquired a new position in Rocket Companies during the second quarter worth $143,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Up 1.6 %

Shares of RKT opened at $19.47 on Wednesday. Rocket Companies, Inc. has a fifty-two week low of $7.17 and a fifty-two week high of $21.38. The stock has a fifty day moving average of $18.19 and a two-hundred day moving average of $15.16. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18. The company has a market capitalization of $38.72 billion, a PE ratio of 176.97 and a beta of 2.45.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, August 1st. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the firm posted ($0.05) earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, analysts forecast that Rocket Companies, Inc. will post 0.22 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on RKT shares. Wedbush raised their price target on Rocket Companies from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. UBS Group raised their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the company a “sell” rating in a report on Monday, September 16th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. increased their price target on shares of Rocket Companies from $13.50 to $15.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada lifted their price objective on Rocket Companies from $16.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 11th. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and an average price target of $13.73.

About Rocket Companies

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.