Rocket Companies, Inc. $RKT Shares Sold by Kestra Advisory Services LLC

Kestra Advisory Services LLC lessened its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 46.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 87,407 shares of the company’s stock after selling 76,597 shares during the period. Kestra Advisory Services LLC’s holdings in Rocket Companies were worth $1,246,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Rocket Companies by 11,636.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after buying an additional 25,966,725 shares during the period. Morgan Stanley increased its holdings in shares of Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after buying an additional 22,196,782 shares during the last quarter. State Street Corp increased its holdings in shares of Rocket Companies by 323.9% during the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock worth $400,526,000 after buying an additional 15,807,776 shares during the last quarter. Finally, ValueAct Holdings L.P. increased its holdings in shares of Rocket Companies by 55.1% during the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after buying an additional 13,985,025 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wells Fargo & Company decreased their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Citizens Jmp assumed coverage on Rocket Companies in a research note on Wednesday, March 25th. They set a “market perform” rating for the company. Royal Bank Of Canada reissued a “sector perform” rating and set a $20.00 target price on shares of Rocket Companies in a research note on Monday, May 11th. JPMorgan Chase & Co. reduced their target price on Rocket Companies from $16.00 to $15.50 and set a “neutral” rating on the stock in a research report on Monday, July 13th. Finally, Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.73.

Rocket Companies Price Performance

Rocket Companies stock opened at $13.46 on Thursday. The company’s 50 day simple moving average is $14.08 and its 200-day simple moving average is $16.15. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36. The company has a market capitalization of $38.08 billion, a price-to-earnings ratio of 269.18 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the company posted $0.04 EPS. The firm’s quarterly revenue was up 167.1% on a year-over-year basis. As a group, equities research analysts expect that Rocket Companies, Inc. will post 0.58 earnings per share for the current year.

Rocket Companies Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.