State Street Corp Has $78.84 Million Stake in Rocket Companies, Inc. (NYSE:RKT)

State Street Corp increased its stake in Rocket Companies, Inc. (NYSE:RKT) by 44.7% in the third quarter, Holdings Channel.com reports. The firm owned 4,108,189 shares of the company’s stock after purchasing an additional 1,269,795 shares during the quarter. State Street Corp’s holdings in Rocket Companies were worth $78,836,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new position in shares of Rocket Companies during the third quarter worth about $39,000. Quarry LP boosted its position in 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 during the last quarter. Blue Trust Inc. bought a new position in shares of Rocket Companies during the 2nd quarter worth approximately $61,000. V Square Quantitative Management LLC acquired a new stake in shares of Rocket Companies in the third quarter valued at approximately $120,000. Finally, International Assets Investment Management LLC lifted its position in shares of Rocket Companies by 3,429.7% in 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. Institutional investors own 4.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wedbush reaffirmed a “neutral” rating and issued a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. UBS Group decreased their price objective on Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a report on Thursday, November 14th. Piper Sandler dropped their target price on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $11.50 price target (down from $16.00) on shares of Rocket Companies in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a research note on Monday, December 9th. Six investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.33.

Rocket Companies Trading Down 0.7 %

RKT stock opened at $12.13 on Wednesday. Rocket Companies, Inc. has a one year low of $10.87 and a one year high of $21.38. The stock has a market cap of $24.20 billion, a price-to-earnings ratio of -75.81 and a beta of 2.38. The company has a fifty day moving average price of $15.12 and a two-hundred day moving average price of $16.24. 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 (NYSE:RKT) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. The business had revenue of $647.00 million during 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 2.86%. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) EPS. Equities analysts anticipate that Rocket Companies, Inc. will post 0.16 EPS for the current year.

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.