Lodge Hill Capital LLC Has $33.93 Million Stock Position in Rocket Companies, Inc. $RKT

Key Points

• Lodge Hill Capital increased its Rocket Companies position by 7.9% in the first quarter, holding 2.38 million shares worth approximately $33.93 million. Other institutions, including Amundi and Atreides Management, also significantly increased their stakes.
• Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and an average price target of $20.73. Recent target adjustments generally ranged from $17 to $20.
• Rocket Companies reported first-quarter adjusted earnings of $0.15 per share, beating estimates, while revenue rose 167.1% year over year to $2.82 billion. The stock opened at $13.69, near the lower end of its $12.17–$24.36 one-year trading range.

Lodge Hill Capital LLC grew its position in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 7.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,381,150 shares of the company's stock after purchasing an additional 175,000 shares during the period. Rocket Companies comprises approximately 5.0% of Lodge Hill Capital LLC's holdings, making the stock its 4th biggest holding. Lodge Hill Capital LLC owned about 0.08% of Rocket Companies worth $33,931,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Centaurus Financial Inc. acquired a new stake in shares of Rocket Companies during the 1st quarter worth about $101,000. Arkadios Wealth Advisors boosted its position in Rocket Companies by 19.8% in the first quarter. Arkadios Wealth Advisors now owns 16,135 shares of the company's stock valued at $230,000 after buying an additional 2,664 shares in the last quarter. Atreides Management LP boosted its position in Rocket Companies by 69.7% in the first quarter. Atreides Management LP now owns 6,114,947 shares of the company's stock valued at $87,138,000 after buying an additional 2,512,384 shares in the last quarter. MSA Advisors LLC bought a new stake in Rocket Companies during the first quarter worth about $166,000. Finally, Amundi increased its holdings in shares of Rocket Companies by 152.1% during the first quarter. Amundi now owns 13,725,878 shares of the company's stock worth $195,594,000 after buying an additional 8,280,463 shares in the last quarter. Institutional investors own 4.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods cut their target price on shares of Rocket Companies from $21.00 to $20.00 and set an "outperform" rating for the company in a research note on Thursday, June 25th. Wells Fargo & Company decreased their price target on Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 9th. Morgan Stanley raised Rocket Companies from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $18.00 to $19.00 in a report on Thursday, July 16th. Zacks Research upgraded Rocket Companies from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 12th. Finally, Barclays reduced their price objective on Rocket Companies from $19.00 to $17.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $20.73.

Rocket Companies Price Performance

RKT opened at $13.69 on Thursday. Rocket Companies, Inc. has a one year low of $12.17 and a one year high of $24.36. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The company's 50 day simple moving average is $14.08 and its 200-day simple moving average is $15.89. The stock has a market capitalization of $38.75 billion, a P/E ratio of 273.88 and a beta of 2.16.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. Rocket Companies's revenue for the quarter was up 167.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 earnings per share. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.54 earnings per share for the current fiscal 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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