Rocket Companies, Inc. $RKT Stock Holdings Cut by Bank of Nova Scotia

Bank of Nova Scotia cut its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 90.7% during the 1st quarter, Holdings Channel reports. The firm owned 68,220 shares of the company’s stock after selling 663,273 shares during the period. Bank of Nova Scotia’s holdings in Rocket Companies were worth $972,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sei Investments Co. lifted its holdings in shares of Rocket Companies by 196.1% in the first quarter. Sei Investments Co. now owns 2,411,225 shares of the company’s stock valued at $34,361,000 after buying an additional 1,597,019 shares during the period. Lido Advisors LLC acquired a new position in Rocket Companies during the first quarter worth about $657,000. State of Wyoming grew its holdings in Rocket Companies by 138.8% during the first quarter. State of Wyoming now owns 67,562 shares of the company’s stock worth $963,000 after acquiring an additional 39,271 shares during the period. NewEdge Wealth LLC raised its position in Rocket Companies by 9.5% in the first quarter. NewEdge Wealth LLC now owns 14,457 shares of the company’s stock worth $206,000 after acquiring an additional 1,253 shares in the last quarter. Finally, ABN Amro Investment Solutions bought a new stake in Rocket Companies in the first quarter worth about $417,000. Institutional investors own 4.59% of the company’s stock.

Analysts Set New Price Targets

RKT has been the subject of several research reports. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $18.00 to $19.00 in a research report on Thursday, July 16th. Wells Fargo & Company dropped their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Barclays cut their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. Benchmark started coverage on shares of Rocket Companies in a report on Monday, June 29th. They set a “buy” rating and a $21.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $16.00 to $15.50 and set a “neutral” rating for the company in a report on Monday, July 13th. One 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.73.

Rocket Companies Trading Down 2.0%

Shares of NYSE RKT opened at $13.69 on Thursday. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The company has a market cap of $38.75 billion, a price-to-earnings ratio of 273.88 and a beta of 2.16. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The business has a fifty day simple moving average of $14.08 and a 200-day simple moving average of $15.89.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.Rocket Companies’s revenue was up 167.1% on a year-over-year basis. During the same quarter last year, the business posted $0.04 EPS. Sell-side analysts predict that Rocket Companies, Inc. will post 0.54 EPS for the current year.

Rocket Companies 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.