JPMorgan Chase & Co. Decreases Stake in Rocket Companies, Inc. (NYSE:RKT)

JPMorgan Chase & Co. cut its position in Rocket Companies, Inc. (NYSE:RKT) by 2.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,987,001 shares of the company’s stock after selling 172,286 shares during the period. JPMorgan Chase & Co. owned 0.40% of Rocket Companies worth $153,271,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp increased its holdings in Rocket Companies by 44.7% in the third quarter. State Street Corp now owns 4,108,189 shares of the company’s stock valued at $78,836,000 after buying an additional 1,269,795 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Rocket Companies during the 2nd quarter worth about $10,811,000. Renaissance Technologies LLC increased its stake in Rocket Companies by 26.1% in the second quarter. Renaissance Technologies LLC now owns 2,468,700 shares of the company’s stock valued at $33,821,000 after purchasing an additional 510,400 shares during the last quarter. Philip James Wealth Mangement LLC acquired a new stake in Rocket Companies during the third quarter worth approximately $6,811,000. Finally, Tidal Investments LLC boosted its holdings in shares of Rocket Companies by 804.3% in the 3rd quarter. Tidal Investments LLC now owns 315,764 shares of the company’s stock valued at $6,060,000 after buying an additional 280,847 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Performance

RKT stock opened at $11.26 on Wednesday. The stock’s fifty day moving average is $13.86 and its two-hundred day moving average is $16.02. The stock has a market capitalization of $22.46 billion, a price-to-earnings ratio of -70.38 and a beta of 2.38. The company has a debt-to-equity ratio of 1.51, a quick ratio of 15.47 and a current ratio of 15.47. Rocket Companies, Inc. has a 1 year low of $10.78 and a 1 year high of $21.38.

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

Wall Street Analyst Weigh In

RKT has been the topic of a number of research reports. Barclays dropped their price target on Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 13th. UBS Group decreased their price target on shares of Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a research note on Thursday, November 14th. Piper Sandler dropped their price objective on shares of Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Bank of America boosted their price target on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research report on Thursday, November 14th. Finally, Morgan Stanley lowered their target price on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 19th. Six research analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and an average target price of $13.92.

Rocket Companies Company 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.