Kingsview Wealth Management LLC Takes $235,000 Position in Rocket Companies, Inc. (NYSE:RKT)

Kingsview Wealth Management LLC purchased a new position in Rocket Companies, Inc. (NYSE:RKT) in the third quarter, Holdings Channel reports. The fund purchased 12,250 shares of the company’s stock, valued at approximately $235,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RKT. Renaissance Technologies LLC lifted its position in Rocket Companies by 26.1% in 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 in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Rocket Companies by 7.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,040,709 shares of the company’s stock worth $19,971,000 after acquiring an additional 72,308 shares in the last quarter. Marshall Wace LLP purchased a new position in Rocket Companies in the second quarter valued at about $10,811,000. Greylin Investment Management Inc grew its stake in Rocket Companies by 45.7% in the second quarter. Greylin Investment Management Inc now owns 355,868 shares of the company’s stock valued at $4,875,000 after purchasing an additional 111,563 shares in the last quarter. Finally, Philip James Wealth Mangement LLC acquired a new position in Rocket Companies in the 3rd quarter worth about $6,811,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Stock Up 1.4 %

Shares of RKT stock opened at $14.54 on Friday. Rocket Companies, Inc. has a 12 month low of $9.24 and a 12 month high of $21.38. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm has a market cap of $29.00 billion, a PE ratio of -90.88 and a beta of 2.46. The stock has a 50 day moving average of $16.46 and a 200-day moving average of $16.30.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $647.00 million during the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a negative net margin of 0.38% and a positive return on equity of 2.86%. The business’s quarterly revenue was down 46.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.01) EPS. On average, equities analysts predict that Rocket Companies, Inc. will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RKT shares. Barclays lowered their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research note on Wednesday, November 13th. Bank of America increased their price target on shares of Rocket Companies from $14.00 to $15.00 and gave the stock an “underperform” rating in a research note on Thursday, November 14th. Keefe, Bruyette & Woods reduced their price objective on shares of Rocket Companies from $20.00 to $16.00 and set a “market perform” rating for the company in a research note on Thursday, November 14th. Piper Sandler lowered their target price on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Rocket Companies from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and a consensus price target of $15.13.

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.