Burney Co. Decreases Stock Position in Rocket Companies, Inc. $RKT

Key Points

• Burney Co. cut its Rocket Companies stake by 92% in the first quarter, selling 288,065 shares and ending with 25,148 shares valued at about $358,000.
• Rocket Companies reported a strong quarter, with EPS of $0.15 versus $0.12 expected and revenue of $2.82 billion, up 167.1% from a year earlier.
• Analysts remain mixed but generally constructive: the stock has a Moderate Buy consensus and an average price target of $20.73, above its recent trading level around $14.41.

Burney Co. trimmed its stake in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 92.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,148 shares of the company's stock after selling 288,065 shares during the quarter. Burney Co.'s holdings in Rocket Companies were worth $358,000 at the end of the most recent quarter.

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

Rocket Companies Price Performance

Shares of NYSE RKT opened at $14.41 on Friday. The stock's 50-day simple moving average is $14.14 and its 200-day simple moving average is $16.47. The firm has a market capitalization of $40.77 billion, a PE ratio of 288.20 and a beta of 2.16. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm's quarterly revenue was up 167.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 earnings per share. As a group, equities research analysts forecast that Rocket Companies, Inc. will post 0.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Benchmark initiated coverage on shares of Rocket Companies in a research note on Monday, June 29th. They issued a "buy" rating and a $21.00 price target for the company. Royal Bank Of Canada reissued a "sector perform" rating and issued a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Keefe, Bruyette & Woods reduced their price objective on shares of Rocket Companies from $21.00 to $20.00 and set an "outperform" rating on the stock in a report on Thursday, June 25th. Wells Fargo & Company decreased their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a research report on Thursday, April 9th. Finally, Citizens Jmp initiated coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They set a "market perform" rating for the company. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, Rocket Companies currently has a consensus rating of "Moderate Buy" and an average price target of $20.73.

Rocket Companies Company 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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