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

Fmr LLC cut its stake in Rocket Companies, Inc. (NYSE:RKT) by 31.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,638,277 shares of the company’s stock after selling 3,523,053 shares during the quarter. Fmr LLC owned approximately 0.38% of Rocket Companies worth $146,579,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of RKT. Capital Performance Advisors LLP purchased a new position in shares of Rocket Companies during the 3rd quarter valued at approximately $39,000. Quarry LP boosted its stake in shares of Rocket Companies by 858.8% during the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock worth $60,000 after acquiring an additional 3,899 shares in the last quarter. Blue Trust Inc. acquired a new stake in shares of Rocket Companies during the 2nd quarter valued at about $61,000. V Square Quantitative Management LLC purchased a new position in shares of Rocket Companies in the 3rd quarter valued at about $120,000. Finally, International Assets Investment Management LLC boosted its position in Rocket Companies by 3,429.7% during the third quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock worth $142,000 after purchasing an additional 7,168 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

Rocket Companies stock opened at $14.05 on Wednesday. The stock has a market cap of $28.03 billion, a price-to-earnings ratio of -87.81 and a beta of 2.38. The company has a debt-to-equity ratio of 1.51, a current ratio of 15.47 and a quick ratio of 15.47. Rocket Companies, Inc. has a 1-year low of $9.60 and a 1-year high of $21.38. The firm has a 50 day simple moving average of $16.25 and a 200-day simple moving average of $16.32.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (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 company had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the firm earned ($0.01) earnings per share. The business’s revenue for the quarter was down 46.2% compared to the same quarter last year. On average, analysts expect that Rocket Companies, Inc. will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RKT. Keefe, Bruyette & Woods dropped their price target on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a research note on Thursday, November 14th. Bank of America upped 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. Wedbush reiterated a “neutral” rating and set a $13.00 price objective (down from $18.00) on shares of Rocket Companies in a research note on Wednesday, November 13th. Morgan Stanley assumed coverage on Rocket Companies in a research report on Tuesday, November 5th. They issued an “equal weight” rating and a $18.00 target price on the stock. Finally, Royal Bank of Canada dropped their price target on 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. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.13.

Rocket Companies 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.