141,190 Shares in Rocket Companies, Inc. $RKT Acquired by FACT Capital LP

Key Points

• FACT Capital LP acquired 141,190 shares of Rocket Companies during the first quarter, valued at approximately $2.0 million and representing about 1.3% of the firm’s portfolio. Institutional investors and hedge funds collectively own 4.59% of RKT.
• Analyst sentiment remains positive but cautious: MarketBeat reports a consensus rating of “Moderate Buy” and an average price target of $20.73, despite recent target-price cuts and neutral ratings from several firms.
• Rocket Companies reported quarterly EPS of $0.15 versus the $0.12 estimate, while revenue rose 167.1% year over year to $2.82 billion. Shares opened at $13.53, near the lower end of their 52-week range of $12.17 to $24.36.

FACT Capital LP purchased a new stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 141,190 shares of the company's stock, valued at approximately $2,012,000. Rocket Companies accounts for about 1.3% of FACT Capital LP's holdings, making the stock its 15th largest holding.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Acumen Wealth Advisors LLC purchased a new position in shares of Rocket Companies in the 4th quarter valued at $26,000. Truvestments Capital LLC acquired a new stake in Rocket Companies in the 4th quarter valued at $26,000. Pinnacle Bancorp Inc. raised its position in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company's stock valued at $29,000 after purchasing an additional 1,183 shares during the period. City State Bank acquired a new position in shares of Rocket Companies during the fourth quarter worth about $30,000. Finally, Smithfield Trust Co acquired a new position in shares of Rocket Companies during the fourth quarter worth about $32,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RKT has been the subject of a number of recent research reports. Wells Fargo & Company lowered their target price on Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a research note on Thursday, April 9th. BTIG Research reissued a "neutral" rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Weiss Ratings upgraded Rocket Companies from a "sell (d)" rating to a "hold (c)" rating in a report on Wednesday, May 13th. Zacks Research raised shares of Rocket Companies from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Rocket Companies from $16.00 to $15.50 and set a "neutral" rating for the company in a research report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.73.

Rocket Companies Stock Performance

Rocket Companies stock opened at $13.53 on Tuesday. The stock has a market cap of $38.27 billion, a P/E ratio of 270.50 and a beta of 2.16. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a 50 day moving average of $14.05 and a 200-day moving average of $15.99. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.03. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business's revenue was up 167.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.04 earnings per share. On average, analysts expect that Rocket Companies, Inc. will post 0.58 EPS for the current fiscal year.

Rocket Companies Profile

Rocket Companies, Inc is a Detroit-based holding company whose businesses are centered on digital mortgage origination and related consumer finance and real estate services. The company grew out of the Quicken Loans franchise and completed an initial public offering in 2020. Founder Dan Gilbert remains a prominent figure associated with the firm, which operates a suite of brands that aim to simplify the home financing and buying experience through technology and scale.

The company's core activity is mortgage lending through its Rocket Mortgage platform, which offers online application, underwriting and servicing for home purchase and refinance loans.

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