Transcend Capital Advisors LLC acquired a new stake in shares of Rocket Companies, Inc. (NYSE:RKT – Get Rating) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 11,500 shares of the company’s stock, valued at approximately $85,000.
A number of other hedge funds have also recently made changes to their positions in the business. Amalgamated Bank grew its holdings in shares of Rocket Companies by 28.1% during the first quarter. Amalgamated Bank now owns 15,673 shares of the company’s stock valued at $174,000 after buying an additional 3,435 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Rocket Companies during the first quarter valued at about $120,000. Wealthfront Advisers LLC acquired a new position in shares of Rocket Companies during the first quarter valued at about $916,000. Advisors Asset Management Inc. grew its holdings in shares of Rocket Companies by 11.7% during the first quarter. Advisors Asset Management Inc. now owns 89,951 shares of the company’s stock valued at $1,000,000 after buying an additional 9,445 shares during the last quarter. Finally, Point72 Hong Kong Ltd grew its holdings in shares of Rocket Companies by 84.6% during the first quarter. Point72 Hong Kong Ltd now owns 12,460 shares of the company’s stock valued at $139,000 after buying an additional 5,709 shares during the last quarter. 4.16% of the stock is currently owned by institutional investors and hedge funds.
In other Rocket Companies news, CEO Jay Farner purchased 27,600 shares of the stock in a transaction dated Wednesday, June 29th. The shares were bought at an average price of $7.22 per share, with a total value of $199,272.00. Following the completion of the transaction, the chief executive officer now directly owns 2,931,907 shares in the company, valued at approximately $21,168,368.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have acquired a total of 791,800 shares of company stock valued at $6,839,627 over the last quarter. Company insiders own 94.01% of the company’s stock.
Rocket Companies Stock Down 2.5 %
Rocket Companies (NYSE:RKT – Get Rating) last released its earnings results on Thursday, August 4th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05). Rocket Companies had a net margin of 1.85% and a return on equity of 19.79%. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The firm’s revenue was down 47.8% compared to the same quarter last year. As a group, equities analysts expect that Rocket Companies, Inc. will post 0.03 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on RKT shares. Keefe, Bruyette & Woods cut shares of Rocket Companies from a “market perform” rating to an “underperform” rating and set a $6.50 price objective for the company. in a report on Sunday, August 7th. Citigroup boosted their price target on shares of Rocket Companies to $10.00 in a report on Tuesday, August 9th. Barclays cut their price target on shares of Rocket Companies to $7.00 in a report on Tuesday, August 9th. Argus cut shares of Rocket Companies from a “buy” rating to a “hold” rating in a report on Tuesday, May 31st. Finally, JPMorgan Chase & Co. cut shares of Rocket Companies from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $11.00 to $8.50 in a report on Tuesday, September 6th. Two research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.88.
About Rocket Companies
Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and e-Commerce businesses 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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.
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