Brooktree Capital Management Decreases Stock Position in Rocket Companies, Inc. (NYSE:RKT)

Brooktree Capital Management cut its position in Rocket Companies, Inc. (NYSE:RKT) by 1.3% during the third quarter, HoldingsChannel.com reports. The fund owned 111,919 shares of the company’s stock after selling 1,472 shares during the period. Rocket Companies makes up 1.7% of Brooktree Capital Management’s portfolio, making the stock its 17th largest position. Brooktree Capital Management’s holdings in Rocket Companies were worth $2,148,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Boston Partners boosted its stake in Rocket Companies by 4.2% during the 1st quarter. Boston Partners now owns 9,382,173 shares of the company’s stock worth $136,462,000 after purchasing an additional 381,841 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Rocket Companies by 26.1% in the second 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. Marshall Wace LLP acquired a new position in Rocket Companies during the second quarter worth about $10,811,000. Greylin Investment Management Inc grew its stake in Rocket Companies by 45.7% during the 2nd quarter. Greylin Investment Management Inc now owns 355,868 shares of the company’s stock valued at $4,875,000 after acquiring an additional 111,563 shares in the last quarter. Finally, Philip James Wealth Mangement LLC acquired a new stake in Rocket Companies in the 3rd quarter valued at about $6,811,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RKT. Keefe, Bruyette & Woods lowered their target price on Rocket Companies from $20.00 to $16.00 and set a “market perform” rating on the stock in a report on Thursday. Piper Sandler reduced their price objective on Rocket Companies from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday. Wells Fargo & Company upped their target price on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Wedbush reissued a “neutral” rating and set a $13.00 price target (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday. Finally, Barclays cut their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating for the company in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.17.

Rocket Companies Trading Down 9.1 %

Shares of RKT stock opened at $14.13 on Thursday. Rocket Companies, Inc. has a fifty-two week low of $8.39 and a fifty-two week high of $21.38. The company has a 50 day moving average price of $17.78 and a 200 day moving average price of $16.27. The stock has a market capitalization of $28.11 billion, a P/E ratio of -88.31 and a beta of 2.46. The company has a debt-to-equity ratio of 1.27, a quick ratio of 13.18 and a current ratio of 13.18.

Rocket Companies 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.