Rocket Companies, Inc. $RKT Shares Sold by Kestra Advisory Services LLC

Kestra Advisory Services LLC decreased its position in Rocket Companies, Inc. (NYSE:RKT) by 46.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 87,407 shares of the company’s stock after selling 76,597 shares during the period. Kestra Advisory Services LLC’s holdings in Rocket Companies were worth $1,246,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of RKT. Royal Bank of Canada grew its position in shares of Rocket Companies by 48.9% during the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after acquiring an additional 22,861 shares during the period. Amundi raised its holdings in Rocket Companies by 3.1% in the 1st quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after purchasing an additional 997 shares during the period. AQR Capital Management LLC raised its holdings in Rocket Companies by 1,086.5% in the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after purchasing an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Rocket Companies by 12.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after purchasing an additional 40,326 shares in the last quarter. Finally, Creative Planning boosted its position in Rocket Companies by 17.2% during the second quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after purchasing an additional 2,679 shares in the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Down 1.4%

Shares of RKT stock opened at $13.46 on Thursday. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The stock’s fifty day moving average is $14.08 and its two-hundred day moving average is $16.15. The firm has a market capitalization of $38.08 billion, a P/E ratio of 269.18 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.04 earnings per share. Research analysts expect that Rocket Companies, Inc. will post 0.58 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on RKT. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Barclays reduced their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. Finally, Morgan Stanley upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $18.00 to $19.00 in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Rocket Companies presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.73.

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.