Maple Rock Capital Partners Inc. Raises Stock Holdings in Rocket Companies, Inc. $RKT

Key Points

• Maple Rock Capital Partners increased its Rocket Companies stake by 76.9% in the second quarter, purchasing 2.41 million additional shares. It ended the period with 5.54 million shares worth approximately $87.3 million, representing 0.20% of Rocket’s outstanding stock.
• Analyst sentiment remains moderately positive: Rocket has a consensus “Moderate Buy” rating from 19 analysts, with a consensus price target of $19.87, despite several firms recently lowering their targets.
• Rocket shares opened at $13.39, down 2.8%, and remain well below their 12-month high of $24.36. In its latest quarter, the company met the $0.16 EPS consensus while revenue rose 91.9% year over year to $2.76 billion, slightly below expectations.

Maple Rock Capital Partners Inc. increased its stake in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 76.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,543,600 shares of the company's stock after purchasing an additional 2,410,400 shares during the quarter. Rocket Companies makes up approximately 1.7% of Maple Rock Capital Partners Inc.'s holdings, making the stock its 17th largest holding. Maple Rock Capital Partners Inc. owned 0.20% of Rocket Companies worth $87,312,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC raised its holdings in Rocket Companies by 0.5% in the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company's stock valued at $2,255,000 after acquiring an additional 618 shares during the last quarter. Composition Wealth LLC grew its position in shares of Rocket Companies by 2.7% in the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company's stock valued at $490,000 after purchasing an additional 668 shares during the period. Parallel Advisors LLC increased its stake in Rocket Companies by 26.1% in the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company's stock valued at $63,000 after purchasing an additional 677 shares during the last quarter. Red Door Wealth Management LLC increased its stake in Rocket Companies by 6.7% in the first quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company's stock valued at $159,000 after purchasing an additional 698 shares during the last quarter. Finally, NewEdge Wealth LLC lifted its position in Rocket Companies by 5.7% during the fourth quarter. NewEdge Wealth LLC now owns 13,204 shares of the company's stock worth $256,000 after buying an additional 707 shares during the period. Institutional investors and hedge funds own 4.59% of the company's stock.

Analyst Upgrades and Downgrades

RKT has been the topic of several recent analyst reports. Keefe, Bruyette & Woods cut their price objective on shares of Rocket Companies from $20.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, August 10th. Stephens dropped their price target on shares of Rocket Companies from $22.50 to $20.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Barclays decreased their price target on shares of Rocket Companies from $19.00 to $17.00 and set an "overweight" rating on the stock in a report on Tuesday, July 7th. Morgan Stanley raised shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $18.00 to $19.00 in a research note on Thursday, July 16th. Finally, BTIG Research restated a "neutral" rating on shares of Rocket Companies in a report on Tuesday, June 16th. Ten investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Rocket Companies currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.87.

Rocket Companies Trading Down 2.8%

RKT opened at $13.39 on Tuesday. The stock has a market capitalization of $37.92 billion, a PE ratio of 95.64 and a beta of 2.19. The firm's fifty day moving average price is $14.24 and its 200 day moving average price is $14.73. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.85. Rocket Companies, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36.

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

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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