State Board of Administration of Florida Retirement System raised its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 12.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 83,984 shares of the company’s stock after purchasing an additional 9,384 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Rocket Companies were worth $1,625,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the business. Morgan Stanley raised its stake in Rocket Companies by 165.8% during the 1st quarter. Morgan Stanley now owns 3,641,838 shares of the company’s stock valued at $84,090,000 after purchasing an additional 2,271,557 shares during the period. Third Point LLC acquired a new stake in Rocket Companies during the 1st quarter valued at $34,635,000. Voloridge Investment Management LLC purchased a new position in shares of Rocket Companies during the 1st quarter valued at $30,471,000. Geode Capital Management LLC grew its holdings in shares of Rocket Companies by 7.2% during the 1st quarter. Geode Capital Management LLC now owns 1,030,563 shares of the company’s stock valued at $23,795,000 after acquiring an additional 69,212 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of Rocket Companies during the 1st quarter valued at $17,695,000. 3.74% of the stock is currently owned by institutional investors.
Several equities analysts have recently commented on the stock. Piper Sandler boosted their price target on shares of Rocket Companies from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, August 13th. Zacks Investment Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 24th. Jefferies Financial Group cut shares of Rocket Companies from a “buy” rating to a “hold” rating and lowered their price target for the company from $26.00 to $18.00 in a report on Monday, July 12th. Credit Suisse Group boosted their price target on shares of Rocket Companies from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, August 13th. Finally, Argus assumed coverage on shares of Rocket Companies in a report on Tuesday, June 8th. They issued a “buy” rating and a $23.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $20.37.
Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, August 12th. The company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01. The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.77 billion. Rocket Companies had a net margin of 2.31% and a return on equity of 94.06%. As a group, sell-side analysts expect that Rocket Companies, Inc. will post 2.05 earnings per share for the current year.
About Rocket Companies
Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and eCommerce businesses in the United States and Canada. It operates in 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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to national car rental and online car purchasing platforms; and Rocket Loans, an online-based personal loans business.
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