Atreides Management LP Buys 2,512,384 Shares of Rocket Companies, Inc. $RKT

Atreides Management LP boosted its stake in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 69.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,114,947 shares of the company's stock after acquiring an additional 2,512,384 shares during the quarter. Rocket Companies accounts for 1.7% of Atreides Management LP's portfolio, making the stock its 18th largest position. Atreides Management LP owned about 0.22% of Rocket Companies worth $87,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vaughan Nelson Investment Management L.P. acquired a new position in Rocket Companies in the fourth quarter worth $40,455,000. Vanguard Group Inc. increased its stake in shares of Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company's stock valued at $1,689,287,000 after buying an additional 64,311,040 shares in the last quarter. Prescott Group Capital Management L.L.C. bought a new position in shares of Rocket Companies in the fourth quarter valued at about $4,259,000. KBC Group NV bought a new position in shares of Rocket Companies in the fourth quarter valued at about $2,857,000. Finally, J. Safra Sarasin Holding AG lifted its position in Rocket Companies by 765.6% during the 4th quarter. J. Safra Sarasin Holding AG now owns 345,465 shares of the company's stock worth $6,688,000 after buying an additional 305,555 shares in the last quarter. 4.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Stephens initiated coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an "overweight" rating and a $22.50 price objective on the stock. Morgan Stanley upgraded shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $18.00 to $19.00 in a research report on Thursday, July 16th. Keefe, Bruyette & Woods reduced their target price on shares of Rocket Companies from $21.00 to $20.00 and set an "outperform" rating on the stock in a research report on Thursday, June 25th. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $16.00 to $15.50 and set a "neutral" rating for the company in a report on Monday, July 13th. Finally, Benchmark started coverage on shares of Rocket Companies in a research report on Monday, June 29th. They issued a "buy" rating and a $21.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $20.73.

Rocket Companies Price Performance

Shares of RKT stock opened at $13.98 on Wednesday. The stock has a 50-day moving average price of $14.08 and a 200 day moving average price of $15.94. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The firm has a market cap of $39.56 billion, a price-to-earnings ratio of 279.60 and a beta of 2.16. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36.

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