D.A. Davidson & CO. Has $14.07 Million Position in Rocket Companies, Inc. $RKT

Key Points

• D.A. Davidson & CO. increased its stake in Rocket Companies by 57.7% in Q4, adding 265,849 shares to hold 726,942 shares worth about $14.07 million at quarter-end.
• Rocket Companies beat Q4 estimates with $0.11 EPS vs. $0.09 expected and reported revenue of $2.44 billion (up 52.2% year-over-year), though the company still showed a slight negative net margin.
• Analyst views are mixed: the consensus rating is "Hold" with an average target of $20.40, while individual firms have issued both upgrades (e.g., Keefe Bruyette & Woods, Barclays) and downgrades (e.g., Zacks, Weiss).

D.A. Davidson & CO. boosted its holdings in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 57.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 726,942 shares of the company's stock after buying an additional 265,849 shares during the quarter. D.A. Davidson & CO.'s holdings in Rocket Companies were worth $14,074,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Cloud Capital Management LLC acquired a new position in Rocket Companies during the third quarter worth $25,000. Pinnacle Bancorp Inc. increased its position in 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 last quarter. City State Bank acquired a new position in Rocket Companies during the fourth quarter worth $30,000. Miller Wealth Advisors LLC increased its position in Rocket Companies by 65.0% during the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company's stock worth $32,000 after buying an additional 650 shares during the last quarter. Finally, Private Capital Management LLC acquired a new position in Rocket Companies during the third quarter worth $182,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RKT has been the topic of several analyst reports. Keefe, Bruyette & Woods upgraded Rocket Companies from a "market perform" rating to an "outperform" rating and increased their price target for the company from $20.00 to $22.00 in a report on Monday, March 16th. Zacks Research downgraded Rocket Companies from a "hold" rating to a "strong sell" rating in a report on Monday, April 13th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Rocket Companies in a report on Monday, December 29th. Stephens initiated coverage on Rocket Companies in a report on Thursday. They set an "overweight" rating and a $22.50 price target on the stock. Finally, Barclays upgraded Rocket Companies from an "equal weight" rating to an "overweight" rating and lowered their price target for the company from $22.00 to $19.00 in a report on Monday, April 6th. Nine equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $20.40.

Rocket Companies Price Performance

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

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

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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