Rocket Companies, Inc. $RKT Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 66.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,826 shares of the company’s stock after selling 170,559 shares during the period. The Manufacturers Life Insurance Company’s holdings in Rocket Companies were worth $1,209,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RKT. Manchester Capital Management LLC increased its position in Rocket Companies by 0.5% during the fourth quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after buying an additional 618 shares in the last quarter. Composition Wealth LLC lifted its position in shares of Rocket Companies by 2.7% in the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after acquiring an additional 668 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Rocket Companies by 26.1% during the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after acquiring an additional 677 shares during the last quarter. Red Door Wealth Management LLC boosted its stake in shares of Rocket Companies by 6.7% during the first quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock valued at $159,000 after acquiring an additional 698 shares during the last quarter. Finally, NewEdge Wealth LLC increased its position in Rocket Companies by 5.7% during the 4th quarter. NewEdge Wealth LLC now owns 13,204 shares of the company’s stock worth $256,000 after purchasing an additional 707 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Royal Bank Of Canada reduced their target price on shares of Rocket Companies from $20.00 to $15.00 and set a “sector perform” rating on the stock in a report on Friday, August 7th. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $18.00 to $19.00 in a report on Thursday, July 16th. Stephens cut their price objective on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Finally, Benchmark lowered their target price on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.80.

Rocket Companies Stock Up 4.2%

Shares of NYSE RKT opened at $14.34 on Wednesday. The stock has a market capitalization of $40.57 billion, a PE ratio of 102.41 and a beta of 2.19. The company has a quick ratio of 4.37, a current ratio of 4.85 and a debt-to-equity ratio of 1.16. The firm has a fifty day moving average of $14.00 and a 200-day moving average of $15.31. Rocket Companies, Inc. has a 52-week low of $12.17 and a 52-week high of $24.36.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period last year, the company posted $0.04 EPS. The business’s quarterly revenue was up 91.9% on a year-over-year basis. On average, analysts anticipate that Rocket Companies, Inc. will post 0.54 EPS for the current year.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company’s core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.