Lone Peak Global Investors LLC Has $25.83 Million Holdings in Rocket Companies, Inc. $RKT

Key Points

• Lone Peak Global Investors increased its Rocket Companies stake by 6.2% in the second quarter, owning 1.64 million shares valued at approximately $25.83 million, or 0.06% of the company.
• Rocket Companies reported quarterly EPS of $0.16, in line with estimates, while revenue rose 91.9% year over year to $2.76 billion, slightly below analysts’ expectations.
• Shares opened at $13.00, down 3.1%, and remain well below their 52-week high of $24.36. Analysts maintain a “Moderate Buy” consensus with an average price target of $19.87.

Lone Peak Global Investors LLC lifted its holdings in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 6.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,639,991 shares of the company's stock after purchasing an additional 95,271 shares during the period. Rocket Companies comprises approximately 3.6% of Lone Peak Global Investors LLC's holdings, making the stock its 10th biggest position. Lone Peak Global Investors LLC owned approximately 0.06% of Rocket Companies worth $25,830,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RKT. Truvestments Capital LLC purchased a new stake in shares of Rocket Companies in the 4th quarter worth $26,000. Acumen Wealth Advisors LLC purchased a new stake in Rocket Companies in the fourth quarter worth about $26,000. Smithfield Trust Co bought a new position in shares of Rocket Companies in the fourth quarter worth about $32,000. Key Financial Inc bought a new position in shares of Rocket Companies during the 4th quarter valued at approximately $32,000. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in Rocket Companies in the 1st quarter worth approximately $34,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Stock Down 3.1%

Shares of RKT stock opened at $13.00 on Wednesday. The company's fifty day simple moving average is $14.23 and its two-hundred day simple moving average is $14.69. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The stock has a market cap of $36.81 billion, a P/E ratio of 92.86 and a beta of 2.20. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, meeting analysts' consensus estimates of $0.16. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the business posted $0.04 earnings per share. The business's quarterly revenue was up 91.9% compared to the same quarter last year. Analysts predict that Rocket Companies, Inc. will post 0.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RKT. Morgan Stanley raised shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $18.00 to $19.00 in a report on Thursday, July 16th. BTIG Research restated a "neutral" rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Zacks Research raised shares of Rocket Companies from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 12th. Barclays cut their price target on Rocket Companies from $19.00 to $17.00 and set an "overweight" rating for the company in a research note on Tuesday, July 7th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and set a $16.00 price target (up from $15.00) on shares of Rocket Companies in a report on Wednesday, August 12th. Ten analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $19.87.

About Rocket Companies

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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