255,954 Shares in Rocket Companies, Inc. $RKT Bought by Arizona State Retirement System

Key Points

• Arizona State Retirement System acquired a new position of 255,954 shares in Rocket Companies (RKT) during Q4, valued at about $4.96 million.
• Analyst coverage is mixed—nine Buys, eight Holds and two Sells—with a consensus rating of Hold and a consensus target price of $20.40.
• Rocket beat Q4 estimates with EPS of $0.11 and revenue of $2.44 billion (revenue +52.2% YoY); the stock trades around $15.45, has a 12‑month range of $11.08–$24.36, and a negative P/E.

Arizona State Retirement System acquired a new position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 255,954 shares of the company's stock, valued at approximately $4,955,000.

Several other large investors have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. lifted its stake in Rocket Companies by 62.3% during the fourth quarter. Geneos Wealth Management Inc. now owns 3,170 shares of the company's stock worth $61,000 after purchasing an additional 1,217 shares during the last quarter. WPG Advisers LLC lifted its stake in Rocket Companies by 216.4% during the fourth quarter. WPG Advisers LLC now owns 2,427 shares of the company's stock worth $47,000 after purchasing an additional 1,660 shares during the last quarter. B. Metzler seel. Sohn & Co. AG bought a new position in Rocket Companies in the fourth quarter worth about $489,000. Teacher Retirement System of Texas bought a new position in Rocket Companies in the fourth quarter worth about $3,198,000. Finally, HB Wealth Management LLC bought a new position in Rocket Companies in the fourth quarter worth about $428,000. 4.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on RKT. Stephens began coverage on shares of Rocket Companies in a report on Thursday. They issued an "overweight" rating and a $22.50 target price on the stock. Compass Point began coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They issued a "buy" rating and a $21.00 target price on the stock. Barclays raised shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Zacks Research cut shares of Rocket Companies from a "hold" rating to a "strong sell" rating in a report on Monday, April 13th. Finally, Keefe, Bruyette & Woods raised shares of Rocket Companies from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Nine equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $20.40.

Rocket Companies Stock Performance

RKT opened at $15.45 on Tuesday. The business's 50 day moving average is $15.58 and its 200-day moving average is $17.78. The stock has a market cap of $43.57 billion, a PE ratio of -118.86 and a beta of 2.34. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07. Rocket Companies, Inc. has a twelve month low of $11.08 and a twelve month high of $24.36.

Rocket Companies (NYSE:RKT - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.02. The company had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The business's revenue for the quarter was up 52.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 earnings per share. On average, analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current 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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