Amalgamated Bank Trims Stake in Rocket Companies, Inc. (NYSE:RKT)

Amalgamated Bank reduced its position in Rocket Companies, Inc. (NYSE:RKT) by 69.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 7,371 shares of the company’s stock after selling 16,995 shares during the period. Amalgamated Bank’s holdings in Rocket Companies were worth $141,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blue Trust Inc. purchased a new stake in shares of Rocket Companies in the 2nd quarter valued at about $61,000. Quarry LP lifted its holdings in shares of Rocket Companies by 858.8% in the 2nd quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after purchasing an additional 3,899 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Rocket Companies in the 1st quarter valued at about $77,000. V Square Quantitative Management LLC purchased a new stake in shares of Rocket Companies in the 3rd quarter valued at about $120,000. Finally, International Assets Investment Management LLC lifted its holdings in shares of Rocket Companies by 3,429.7% in the 3rd quarter. International Assets Investment Management LLC now owns 7,377 shares of the company’s stock valued at $142,000 after purchasing an additional 7,168 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on RKT. JPMorgan Chase & Co. upped their price objective on Rocket Companies from $15.00 to $19.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Royal Bank of Canada reduced their price objective on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 13th. Wells Fargo & Company upped their price objective on Rocket Companies from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Bank of America upped their price objective on Rocket Companies from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday. Finally, UBS Group reduced their price objective on Rocket Companies from $14.00 to $12.50 and set a “sell” rating for the company in a research note on Thursday. Five equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $15.13.

Rocket Companies Stock Performance

NYSE RKT opened at $13.60 on Monday. The company has a current ratio of 15.47, a quick ratio of 13.18 and a debt-to-equity ratio of 1.51. The business’s 50 day moving average is $17.54 and its two-hundred day moving average is $16.31. Rocket Companies, Inc. has a 12-month low of $8.81 and a 12-month high of $21.38. The stock has a market capitalization of $27.06 billion, a price-to-earnings ratio of -85.00 and a beta of 2.46.

Rocket Companies (NYSE:RKT) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $647.00 million for the quarter, compared to analysts’ expectations of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm’s quarterly revenue was down 46.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) EPS. Research analysts expect that Rocket Companies, Inc. will post 0.22 EPS for the current 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.