Miracle Mile Advisors LLC Takes Position in Rocket Companies, Inc. (NYSE:RKT)

Miracle Mile Advisors LLC bought a new position in Rocket Companies, Inc. (NYSE:RKT) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 23,500 shares of the company’s stock, valued at approximately $284,000.

A number of other hedge funds also recently made changes to their positions in RKT. AXQ Capital LP increased its position in Rocket Companies by 125.7% during the fourth quarter. AXQ Capital LP now owns 146,691 shares of the company’s stock valued at $1,652,000 after acquiring an additional 81,695 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of Rocket Companies by 875.5% during the 4th quarter. Hsbc Holdings PLC now owns 145,485 shares of the company’s stock worth $1,634,000 after purchasing an additional 130,571 shares during the period. Aquatic Capital Management LLC grew its holdings in Rocket Companies by 54.5% during the 4th quarter. Aquatic Capital Management LLC now owns 173,754 shares of the company’s stock valued at $1,956,000 after purchasing an additional 61,265 shares during the last quarter. Vanguard Group Inc. raised its position in Rocket Companies by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 12,520,074 shares of the company’s stock worth $140,976,000 after purchasing an additional 431,054 shares during the period. Finally, Quantbot Technologies LP raised its position in Rocket Companies by 76.9% in the 4th quarter. Quantbot Technologies LP now owns 270,761 shares of the company’s stock worth $3,049,000 after purchasing an additional 117,728 shares during the period. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RKT has been the topic of a number of analyst reports. Keefe, Bruyette & Woods cut their target price on Rocket Companies from $15.00 to $13.00 and set a “market perform” rating on the stock in a research note on Monday, May 12th. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 target price on shares of Rocket Companies in a research report on Tuesday, April 1st. Wedbush restated a “neutral” rating and issued a $12.00 price target (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Wednesday, April 2nd. Finally, Barclays raised shares of Rocket Companies from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $10.00 to $14.00 in a research report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and an average price target of $14.21.

Rocket Companies Stock Performance

RKT opened at $13.71 on Thursday. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm’s 50-day moving average price is $12.58 and its 200-day moving average price is $12.74. Rocket Companies, Inc. has a 52-week low of $10.06 and a 52-week high of $21.38. The company has a market cap of $27.41 billion, a P/E ratio of -85.66 and a beta of 2.28.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.26 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The company’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.04 EPS. As a group, equities analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal 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.