AGF Investments LLC Makes New Investment in Rocket Companies, Inc. (NYSE:RKT)

AGF Investments LLC acquired a new position in Rocket Companies, Inc. (NYSE:RKT – Get Rating) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 51,292 shares of the company’s stock, valued at approximately $718,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of RKT. Invesco Ltd. lifted its position in shares of Rocket Companies by 39.5% during the 3rd quarter. Invesco Ltd. now owns 9,363,907 shares of the company’s stock valued at $150,198,000 after buying an additional 2,653,662 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Rocket Companies during the 4th quarter valued at $3,070,000. Schonfeld Strategic Advisors LLC lifted its position in shares of Rocket Companies by 686.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 231,070 shares of the company’s stock valued at $3,707,000 after buying an additional 201,689 shares during the last quarter. Exencial Wealth Advisors LLC lifted its position in shares of Rocket Companies by 55.1% during the 3rd quarter. Exencial Wealth Advisors LLC now owns 559,360 shares of the company’s stock valued at $8,972,000 after buying an additional 198,672 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Rocket Companies during the 4th quarter valued at $2,637,000. 3.74% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms recently issued reports on RKT. Wedbush upgraded Rocket Companies from an “underperform” rating to a “neutral” rating and set a $14.00 price objective on the stock in a research note on Monday, January 3rd. They noted that the move was a valuation call. Citigroup decreased their price objective on Rocket Companies from $23.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, February 28th. Morgan Stanley decreased their price objective on Rocket Companies from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Thursday. Credit Suisse Group decreased their price objective on Rocket Companies from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Friday, February 25th. Finally, Bank of America lowered Rocket Companies from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $21.00 to $11.00 in a research note on Tuesday, February 22nd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and an average target price of $15.54.

In related news, CEO Jay Farner bought 8,900 shares of the company’s stock in a transaction that occurred on Wednesday, March 30th. The stock was bought at an average cost of $11.20 per share, for a total transaction of $99,680.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have purchased a total of 70,500 shares of company stock valued at $742,976 over the last 90 days. 93.20% of the stock is currently owned by company insiders.

Shares of Rocket Companies stock traded down $0.19 during trading on Friday, hitting $9.70. 4,747,535 shares of the stock traded hands, compared to its average volume of 5,221,120. The company has a quick ratio of 21.68, a current ratio of 21.68 and a debt-to-equity ratio of 1.92. The stock has a market cap of $19.24 billion, a price-to-earnings ratio of 4.16, a PEG ratio of 0.91 and a beta of 1.31. The firm’s fifty day moving average is $11.67 and its 200-day moving average is $14.12. Rocket Companies, Inc. has a 52 week low of $9.60 and a 52 week high of $23.33.

Rocket Companies (NYSE:RKT – Get Rating) last announced its quarterly earnings data on Thursday, February 24th. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.06). The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.62 billion. Rocket Companies had a net margin of 2.38% and a return on equity of 48.76%. Rocket Companies’s revenue for the quarter was down 44.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.12 earnings per share. On average, analysts forecast that Rocket Companies, Inc. will post 1.09 earnings per share for the current fiscal year.

The business also recently announced a dividend, which was paid on Tuesday, March 22nd. Investors of record on Tuesday, March 8th were issued a dividend of $1.01 per share. The ex-dividend date was Monday, March 7th.

About Rocket Companies (Get Rating)

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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