Brooktree Capital Management purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 65,109 shares of the company’s stock, valued at approximately $1,297,000. Rocket Companies accounts for about 1.1% of Brooktree Capital Management’s portfolio, making the stock its 28th largest position.
Several other institutional investors have also recently modified their holdings of RKT. BlackRock Inc. acquired a new stake in shares of Rocket Companies during the third quarter worth $58,645,000. Retirement Systems of Alabama acquired a new position in Rocket Companies in the third quarter valued at $47,876,000. Capital Advisors Inc. OK acquired a new position in Rocket Companies in the third quarter valued at $13,655,000. First Trust Advisors LP acquired a new position in Rocket Companies in the third quarter valued at $9,426,000. Finally, Raymond James & Associates acquired a new position in Rocket Companies in the third quarter valued at $8,088,000.
Shares of Rocket Companies stock traded up $0.09 during mid-day trading on Tuesday, hitting $22.74. 86,785 shares of the stock were exchanged, compared to its average volume of 15,787,377. Rocket Companies, Inc. has a 12 month low of $17.78 and a 12 month high of $34.42. The firm’s 50-day moving average is $21.18.
Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Sunday, November 15th. The company reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.12. The firm had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.55 billion. The firm’s revenue was up 163.4% on a year-over-year basis. As a group, sell-side analysts expect that Rocket Companies, Inc. will post 3.29 EPS for the current fiscal year.
Several equities analysts recently issued reports on the stock. Barclays assumed coverage on shares of Rocket Companies in a report on Monday, August 31st. They issued an “equal weight” rating and a $25.00 target price on the stock. Wolfe Research assumed coverage on shares of Rocket Companies in a report on Friday, November 6th. They issued an “outperform” rating on the stock. UBS Group assumed coverage on shares of Rocket Companies in a report on Monday, August 31st. They issued a “neutral” rating and a $28.00 target price on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Rocket Companies in a report on Monday, October 12th. They issued a “market perform” rating and a $19.00 target price on the stock. Finally, Morgan Stanley cut their price objective on shares of Rocket Companies from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Monday, November 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $26.12.
Rocket Companies Company Profile
Rocket Companies, Inc engages in the mortgage business in the United States. It is involved in originating, processing, underwriting, and servicing predominantly government sponsored enterprises-conforming mortgage loans, as well as Fair Housing Act, U.S. Department of Agriculture, and U.S. Department of Veteran's Affairs mortgage loans.
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