Rocket Companies, Inc. (NYSE:RKT) Position Increased by Geode Capital Management LLC

Geode Capital Management LLC increased its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 0.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,043,975 shares of the company’s stock after acquiring an additional 12,735 shares during the quarter. Geode Capital Management LLC’s holdings in Rocket Companies were worth $39,235,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Barclays PLC grew its position in Rocket Companies by 136.2% during the 3rd quarter. Barclays PLC now owns 238,323 shares of the company’s stock worth $4,573,000 after purchasing an additional 137,441 shares in the last quarter. XTX Topco Ltd acquired a new position in Rocket Companies during the third quarter valued at $1,486,000. National Bank of Canada FI lifted its stake in Rocket Companies by 6,932.4% in the 3rd quarter. National Bank of Canada FI now owns 145,922 shares of the company’s stock worth $2,800,000 after acquiring an additional 143,847 shares in the last quarter. State Street Corp boosted its position in Rocket Companies by 44.7% during the 3rd quarter. State Street Corp now owns 4,108,189 shares of the company’s stock worth $78,836,000 after acquiring an additional 1,269,795 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in shares of Rocket Companies during the third quarter worth approximately $1,071,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

Shares of NYSE RKT opened at $11.11 on Wednesday. Rocket Companies, Inc. has a 12 month low of $10.87 and a 12 month high of $21.38. The company has a market cap of $22.16 billion, a P/E ratio of -69.44 and a beta of 2.38. The business’s 50 day moving average is $14.64 and its two-hundred day moving average is $16.17. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51.

Rocket Companies (NYSE:RKT) last announced its 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 business had revenue of $647.00 million for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Rocket Companies’s revenue was down 46.2% compared to the same quarter last year. On average, equities analysts expect that Rocket Companies, Inc. will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Morgan Stanley cut their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 19th. JPMorgan Chase & Co. cut their price target on shares of Rocket Companies from $19.00 to $14.00 and set an “underweight” rating on the stock in a report on Monday, December 9th. Barclays decreased their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Wednesday, November 13th. Bank of America raised their target price on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a report on Thursday, November 14th. Finally, Piper Sandler decreased their price target on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Six analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and a consensus price target of $13.92.

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.