Kodai Capital Management LP Takes Position in Rocket Companies, Inc. $RKT

Key Points

• Kodai Capital Management LP acquired a new position in Rocket Companies, purchasing 700,703 shares valued at approximately $8,457,000 in the first quarter.
• Several other hedge funds have also altered their stakes in Rocket Companies, with Bank of New York Mellon Corp increasing its investment by 148.3% during the same period.
• Analysts have mixed ratings on Rocket Companies, with a consensus rating of "Hold" and a target price averaging $15.81.

Kodai Capital Management LP purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 700,703 shares of the company's stock, valued at approximately $8,457,000.

Several other hedge funds have also modified their holdings of RKT. Boston Partners lifted its position in Rocket Companies by 11.3% during the first quarter. Boston Partners now owns 13,704,339 shares of the company's stock valued at $165,421,000 after buying an additional 1,390,559 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Rocket Companies by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,793,549 shares of the company's stock valued at $154,418,000 after acquiring an additional 273,475 shares during the period. Nuveen Asset Management LLC lifted its holdings in Rocket Companies by 52.7% in the fourth quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock worth $91,455,000 after purchasing an additional 2,804,090 shares during the period. Nuveen LLC bought a new stake in Rocket Companies in the first quarter worth about $96,470,000. Finally, Wellington Management Group LLP raised its position in Rocket Companies by 1.5% in the first quarter. Wellington Management Group LLP now owns 4,774,324 shares of the company's stock worth $57,626,000 after acquiring an additional 69,147 shares in the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Stock Performance

RKT stock traded down $0.61 during trading hours on Tuesday, hitting $17.16. 12,963,591 shares of the stock were exchanged, compared to its average volume of 12,790,154. The company has a current ratio of 18.74, a quick ratio of 18.74 and a debt-to-equity ratio of 2.36. The firm has a market capitalization of $36.12 billion, a P/E ratio of -343.26 and a beta of 2.29. The company has a 50-day simple moving average of $16.00 and a two-hundred day simple moving average of $14.16. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $21.38.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.01. Rocket Companies had a positive return on equity of 3.18% and a negative net margin of 0.01%.The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same quarter last year, the business earned $0.06 earnings per share. Rocket Companies's revenue was up 4.5% on a year-over-year basis. Rocket Companies has set its Q3 2025 guidance at EPS. On average, analysts forecast that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RKT. Jefferies Financial Group upped their target price on Rocket Companies from $11.50 to $14.00 and gave the company a "hold" rating in a report on Tuesday, July 22nd. UBS Group set a $16.00 price objective on Rocket Companies and gave the company a "neutral" rating in a research report on Tuesday, August 5th. Keefe, Bruyette & Woods lifted their price objective on Rocket Companies from $14.00 to $15.00 and gave the company a "market perform" rating in a report on Tuesday, August 5th. BTIG Research raised Rocket Companies to a "strong-buy" rating in a report on Tuesday, August 19th. Finally, Barclays boosted their price objective on Rocket Companies from $14.00 to $16.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of "Hold" and a consensus price target of $15.81.

About Rocket Companies

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.