Cubist Systematic Strategies LLC Grows Stake in Rocket Companies, Inc. (NYSE:RKT)

Cubist Systematic Strategies LLC increased its stake in Rocket Companies, Inc. (NYSE:RKT – Get Rating) by 44.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 128,220 shares of the company’s stock after acquiring an additional 39,632 shares during the period. Cubist Systematic Strategies LLC’s holdings in Rocket Companies were worth $810,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Invesco Ltd. grew its position in Rocket Companies by 4.8% in the first quarter. Invesco Ltd. now owns 10,789,221 shares of the company’s stock worth $119,975,000 after acquiring an additional 490,407 shares in the last quarter. Vanguard Group Inc. grew its position in Rocket Companies by 29.0% in the first quarter. Vanguard Group Inc. now owns 10,028,437 shares of the company’s stock worth $111,517,000 after acquiring an additional 2,252,066 shares in the last quarter. BlackRock Inc. grew its position in Rocket Companies by 2.7% in the first quarter. BlackRock Inc. now owns 6,684,239 shares of the company’s stock worth $74,328,000 after acquiring an additional 178,545 shares in the last quarter. State Street Corp grew its position in Rocket Companies by 2.3% in the second quarter. State Street Corp now owns 5,518,701 shares of the company’s stock worth $40,618,000 after acquiring an additional 122,916 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Rocket Companies by 3.3% in the second quarter. Renaissance Technologies LLC now owns 2,435,000 shares of the company’s stock worth $17,922,000 after acquiring an additional 77,900 shares in the last quarter. Hedge funds and other institutional investors own 3.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on RKT. JPMorgan Chase & Co. boosted their target price on Rocket Companies from $7.00 to $8.00 in a research report on Tuesday, January 10th. Argus lowered Rocket Companies from a “hold” rating to a “sell” rating in a research report on Wednesday, November 16th. Wells Fargo & Company boosted their target price on Rocket Companies from $7.00 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday, December 6th. Citigroup boosted their target price on Rocket Companies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Wednesday, March 1st. Finally, UBS Group set a $8.00 target price on Rocket Companies in a research report on Wednesday, November 23rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and a consensus target price of $7.67.

Rocket Companies Stock Performance

Shares of NYSE:RKT opened at $8.29 on Friday. The company has a market capitalization of $16.34 billion, a price-to-earnings ratio of 25.91 and a beta of 2.05. Rocket Companies, Inc. has a 52 week low of $5.97 and a 52 week high of $11.80. The company has a quick ratio of 10.67, a current ratio of 10.67 and a debt-to-equity ratio of 0.97. The firm has a 50 day moving average of $8.56 and a 200 day moving average of $7.82.

Insider Transactions at Rocket Companies

In other Rocket Companies news, CEO Jay Farner purchased 25,000 shares of Rocket Companies stock in a transaction dated Thursday, December 15th. The shares were acquired at an average cost of $8.00 per share, with a total value of $200,000.00. Following the completion of the transaction, the chief executive officer now owns 5,914,807 shares in the company, valued at approximately $47,318,456. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last three months, insiders have acquired 36,200 shares of company stock valued at $286,156. Corporate insiders own 94.01% of the company’s stock.

About Rocket Companies

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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; 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.