Rocket Companies, Inc. (NYSE:RKT) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its holdings in Rocket Companies, Inc. (NYSE:RKT) by 54.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,024 shares of the company’s stock after selling 57,731 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Rocket Companies were worth $695,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in RKT. FMR LLC boosted its stake in Rocket Companies by 1.1% during the third quarter. FMR LLC now owns 11,540,617 shares of the company’s stock worth $94,402,000 after buying an additional 122,894 shares during the period. Boston Partners acquired a new position in Rocket Companies in the 3rd quarter valued at about $47,544,000. Charles Schwab Investment Management Inc. increased its stake in Rocket Companies by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 681,504 shares of the company’s stock worth $5,575,000 after purchasing an additional 11,472 shares during the period. Integrated Investment Consultants LLC lifted its position in shares of Rocket Companies by 1,069.0% during the fourth quarter. Integrated Investment Consultants LLC now owns 650,598 shares of the company’s stock worth $9,421,000 after purchasing an additional 594,945 shares in the last quarter. Finally, QRG Capital Management Inc. purchased a new position in shares of Rocket Companies in the third quarter valued at approximately $5,195,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on RKT shares. Bank of America upped their target price on shares of Rocket Companies from $7.00 to $8.00 and gave the stock an “underperform” rating in a research note on Monday, March 18th. UBS Group upped their price target on Rocket Companies from $8.50 to $10.00 and gave the stock a “sell” rating in a report on Monday, February 26th. Wedbush reaffirmed a “neutral” rating and issued a $13.00 price target on shares of Rocket Companies in a research report on Friday, February 23rd. JPMorgan Chase & Co. reissued an “underweight” rating and set a $10.50 price objective (up from $8.50) on shares of Rocket Companies in a research report on Thursday, January 4th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Rocket Companies in a report on Wednesday, January 10th. They issued a “hold” rating and a $10.00 target price on the stock. Six analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $10.02.

Rocket Companies Price Performance

Shares of RKT opened at $12.55 on Thursday. The firm has a fifty day moving average price of $12.58 and a 200 day moving average price of $11.36. The stock has a market cap of $24.91 billion, a PE ratio of -78.41, a price-to-earnings-growth ratio of 9.33 and a beta of 2.42. Rocket Companies, Inc. has a 1-year low of $7.17 and a 1-year high of $15.19. The company has a debt-to-equity ratio of 0.92, a current ratio of 9.78 and a quick ratio of 9.78.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, February 22nd. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Rocket Companies had a negative net margin of 0.41% and a negative return on equity of 3.63%. The firm had revenue of $885.00 million during the quarter, compared to analyst estimates of $762.44 million. During the same period last year, the company earned ($0.12) earnings per share. The firm’s revenue for the quarter was up 29.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Rocket Companies, Inc. will post 0.26 EPS for the current year.

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.