Lester Murray Antman dba SimplyRich Acquires New Stake in Rocket Companies, Inc. $RKT

Key Points

• Lester Murray Antman dba SimplyRich acquired a new stake of 84,447 shares of Rocket Companies in Q4, valued at approximately $1.63 million.
• Several institutions also increased holdings—Vanguard added about 5.23 million shares (now ~22.95M) and Thames Capital added 389,101 shares—while institutional/hedge fund ownership is reported at about 4.59%.
• Rocket Companies beat Q4 EPS estimates ($0.11 vs. $0.09) with revenue of $2.44 billion (+52.2% YoY); the stock trades near $15.41, has a 52-week range of $11.08–$24.36, and carries an average analyst rating of "Hold" with a $20.25 price target.

Lester Murray Antman dba SimplyRich acquired a new stake in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 84,447 shares of the company's stock, valued at approximately $1,634,000.

Other hedge funds have also made changes to their positions in the company. Brooktree Capital Management increased its stake in shares of Rocket Companies by 27.5% during the third quarter. Brooktree Capital Management now owns 148,653 shares of the company's stock valued at $2,881,000 after acquiring an additional 32,088 shares during the period. Cibc World Market Inc. acquired a new position in shares of Rocket Companies during the third quarter valued at approximately $2,689,000. Udine Wealth Management Inc. increased its stake in shares of Rocket Companies by 86.1% during the third quarter. Udine Wealth Management Inc. now owns 168,070 shares of the company's stock valued at $3,257,000 after acquiring an additional 77,736 shares during the period. Thames Capital Management LLC increased its stake in shares of Rocket Companies by 54.3% during the third quarter. Thames Capital Management LLC now owns 1,106,003 shares of the company's stock valued at $21,434,000 after acquiring an additional 389,101 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Rocket Companies by 29.5% during the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company's stock valued at $444,684,000 after acquiring an additional 5,226,931 shares during the period. Institutional investors and hedge funds own 4.59% of the company's stock.

Rocket Companies Trading Up 0.6%

Rocket Companies stock opened at $15.41 on Wednesday. The company has a 50 day moving average price of $16.15 and a 200 day moving average price of $17.92. Rocket Companies, Inc. has a 52 week low of $11.08 and a 52 week high of $24.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. The firm has a market capitalization of $43.45 billion, a price-to-earnings ratio of -118.54 and a beta of 2.34.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter last year, the business posted $0.04 EPS. The company's revenue was up 52.2% on a year-over-year basis. Research analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a "neutral" rating on the stock in a research note on Thursday, April 9th. Weiss Ratings restated a "sell (d+)" rating on shares of Rocket Companies in a report on Monday, December 29th. Wells Fargo & Company reduced their target price on shares of Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a report on Thursday, April 9th. Compass Point assumed coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They set a "buy" rating and a $21.00 target price for the company. Finally, Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Eight research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $20.25.

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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