Jacobs Levy Equity Management Inc. Makes New $2.70 Million Investment in Rocket Companies, Inc. (NYSE:RKT)

Jacobs Levy Equity Management Inc. purchased a new stake in Rocket Companies, Inc. (NYSE:RKT) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 185,406 shares of the company’s stock, valued at approximately $2,698,000.

Several other hedge funds also recently modified their holdings of the company. Bayesian Capital Management LP acquired a new position in shares of Rocket Companies during the first quarter worth $176,000. Price T Rowe Associates Inc. MD boosted its holdings in Rocket Companies by 7.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 57,389 shares of the company’s stock valued at $836,000 after acquiring an additional 3,858 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in Rocket Companies during the 1st quarter valued at approximately $77,000. Rockport Wealth LLC bought a new position in Rocket Companies during the first quarter worth $291,000. Finally, First Eagle Investment Management LLC boosted its position in Rocket Companies by 24.9% during the first quarter. First Eagle Investment Management LLC now owns 44,540 shares of the company’s stock valued at $648,000 after acquiring an additional 8,891 shares during the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RKT shares. Wedbush restated a “neutral” rating and set a $13.00 target price on shares of Rocket Companies in a research report on Friday, May 3rd. Barclays increased their price target on Rocket Companies from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. lifted their price objective on shares of Rocket Companies from $11.00 to $13.50 and gave the company an “underweight” rating in a research note on Monday, July 8th. Piper Sandler lifted their price target on shares of Rocket Companies from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Finally, Royal Bank of Canada increased their price objective on shares of Rocket Companies from $12.00 to $14.00 and gave the stock a “sector perform” rating in a research report on Friday, May 3rd. Six investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, Rocket Companies presently has an average rating of “Hold” and a consensus price target of $11.10.

Rocket Companies Stock Performance

Shares of Rocket Companies stock opened at $16.19 on Thursday. The firm has a market capitalization of $32.19 billion, a P/E ratio of 147.20 and a beta of 2.43. The company has a current ratio of 12.83, a quick ratio of 12.83 and a debt-to-equity ratio of 1.20. The business’s fifty day simple moving average is $14.35 and its 200 day simple moving average is $13.25. Rocket Companies, Inc. has a 12 month low of $7.17 and a 12 month high of $16.65.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.08. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Rocket Companies had a negative return on equity of 1.05% and a net margin of 0.43%. As a group, analysts anticipate that Rocket Companies, Inc. will post 0.23 EPS for the current year.

Rocket Companies Company Profile

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.