Rocket Companies, Inc. (NYSE:RKT) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lowered its position in Rocket Companies, Inc. (NYSE:RKT) by 8.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 159,684 shares of the company’s stock after selling 14,876 shares during the period. Exchange Traded Concepts LLC’s holdings in Rocket Companies were worth $3,064,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Quarry LP raised its position in Rocket Companies by 858.8% during the second 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 period. Blue Trust Inc. purchased a new position in Rocket Companies in the 2nd quarter valued at about $61,000. EntryPoint Capital LLC acquired a new stake in Rocket Companies in the 1st quarter worth about $77,000. Bridges Investment Management Inc. purchased a new stake in Rocket Companies during the 2nd quarter worth approximately $143,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Rocket Companies during the first quarter valued at approximately $150,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Trading Up 0.5 %

NYSE:RKT opened at $17.83 on Tuesday. The company has a market capitalization of $35.47 billion, a PE ratio of 254.75 and a beta of 2.44. Rocket Companies, Inc. has a 52-week low of $7.17 and a 52-week high of $21.38. The stock’s 50 day moving average price is $18.99 and its 200 day moving average price is $15.70. The company has a quick ratio of 13.18, a current ratio of 13.18 and a debt-to-equity ratio of 1.27.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. Rocket Companies had a return on equity of 0.90% and a net margin of 0.29%. The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period last year, the company earned ($0.05) earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, research analysts anticipate that Rocket Companies, Inc. will post 0.22 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RKT. 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. Barclays raised their price target on shares of Rocket Companies from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods raised shares of Rocket Companies from an “underperform” rating to a “market perform” rating in a research note on Monday, August 5th. UBS Group raised their target price on shares of Rocket Companies from $11.50 to $14.00 and gave the stock a “sell” rating in a research note on Monday, September 16th. Finally, Wedbush upped their price target on Rocket Companies from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Five research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $14.89.

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.