Castleark Management LLC Sells 446,600 Shares of Rocket Companies, Inc. $RKT

Key Points

• Castleark Management LLC cut its Rocket Companies stake by 92.7%, selling 446,600 shares and retaining 34,960 shares valued at approximately $498,000.
• Rocket reported strong quarterly results, with revenue rising 167.1% year over year to $2.82 billion and EPS of $0.15, exceeding analyst expectations of $0.12.
• RKT shares opened at $13.53, well below their 12-month high of $24.36. Analysts maintain a “Moderate Buy” consensus, with an average price target of $20.73.

Castleark Management LLC lowered its position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 92.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,960 shares of the company's stock after selling 446,600 shares during the period. Castleark Management LLC's holdings in Rocket Companies were worth $498,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Delta Global Management LP raised its stake in shares of Rocket Companies by 21.4% during the first quarter. Delta Global Management LP now owns 981,153 shares of the company's stock valued at $13,981,000 after acquiring an additional 173,069 shares during the last quarter. Lombard Odier Asset Management Switzerland SA lifted its holdings in shares of Rocket Companies by 25.2% during the first quarter. Lombard Odier Asset Management Switzerland SA now owns 28,800 shares of the company's stock worth $410,000 after purchasing an additional 5,800 shares during the period. Kryger Capital LLC bought a new stake in shares of Rocket Companies in the first quarter worth $1,245,000. Bridgewater Advisors Inc. grew its stake in shares of Rocket Companies by 19.0% in the first quarter. Bridgewater Advisors Inc. now owns 286,808 shares of the company's stock worth $3,874,000 after purchasing an additional 45,806 shares during the last quarter. Finally, Cannell & Spears LLC increased its holdings in Rocket Companies by 1,110.0% in the first quarter. Cannell & Spears LLC now owns 1,072,530 shares of the company's stock valued at $15,276,000 after purchasing an additional 983,889 shares during the period. Institutional investors and hedge funds own 4.59% of the company's stock.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.53 on Tuesday. The firm has a market capitalization of $38.27 billion, a PE ratio of 270.50 and a beta of 2.16. The firm has a fifty day simple moving average of $14.05 and a two-hundred day simple moving average of $15.99. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. 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 issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $2.76 billion. During the same period in the previous year, the company posted $0.04 EPS. The company's revenue for the quarter was up 167.1% on a year-over-year basis. Analysts forecast that Rocket Companies, Inc. will post 0.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on RKT shares. Stephens initiated coverage on Rocket Companies in a research note on Thursday, April 23rd. They issued an "overweight" rating and a $22.50 price target for the company. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $20.00 price objective on shares of Rocket Companies in a research note on Monday, May 11th. Weiss Ratings upgraded Rocket Companies from a "sell (d)" rating to a "hold (c)" rating in a report on Wednesday, May 13th. Zacks Research upgraded Rocket Companies from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Rocket Companies from $16.00 to $15.50 and set a "neutral" rating on the stock in a research report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, Rocket Companies presently has an average 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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