Reynders McVeigh Capital Management LLC Increases Stake in Rocket Companies, Inc. $RKT

Key Points

• Reynders McVeigh Capital Management raised its stake in Rocket Companies by 14.6% in Q4 to 995,283 shares, valued at about $19.27 million after adding 126,907 shares.
• Rocket beat Q4 expectations with EPS of $0.11 versus $0.09 and revenue of $2.44 billion (up 52.2% year-over-year), though the company still reported a negative net margin of 1.02%.
• Analysts are mixed — the consensus rating is "Hold" with an average price target of $20.40, while the stock trades around $14.65 amid recent target cuts and divergent analyst views.

Reynders McVeigh Capital Management LLC increased its position in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 14.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 995,283 shares of the company's stock after acquiring an additional 126,907 shares during the quarter. Reynders McVeigh Capital Management LLC's holdings in Rocket Companies were worth $19,269,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Cloud Capital Management LLC bought a new position in Rocket Companies in the 3rd quarter worth about $25,000. Pinnacle Bancorp Inc. boosted its position in shares of Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company's stock valued at $29,000 after acquiring an additional 1,183 shares during the last quarter. City State Bank bought a new stake in shares of Rocket Companies during the 4th quarter valued at about $30,000. Miller Wealth Advisors LLC boosted its position in shares of Rocket Companies by 65.0% during the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company's stock valued at $32,000 after acquiring an additional 650 shares during the last quarter. Finally, Private Capital Management LLC bought a new stake in shares of Rocket Companies during the 3rd quarter valued at about $182,000. Institutional investors own 4.59% of the company's stock.

Rocket Companies Stock Performance

NYSE:RKT opened at $14.65 on Monday. The business has a 50 day moving average of $15.36 and a 200 day moving average of $17.75. The company has a market capitalization of $41.31 billion, a price-to-earnings ratio of -112.70 and a beta of 2.23. Rocket Companies, Inc. has a 1-year low of $11.08 and a 1-year high of $24.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90.

Rocket Companies (NYSE:RKT - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.02. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.Rocket Companies's quarterly revenue was up 52.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 EPS. On average, sell-side analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RKT shares. Citizens Jmp started coverage on Rocket Companies in a research report on Wednesday, March 25th. They set a "market perform" rating for the company. Wells Fargo & Company dropped their price target on Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a research report on Thursday, April 9th. Compass Point assumed coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a "buy" rating and a $21.00 price target for the company. JPMorgan Chase & Co. dropped their target price on Rocket Companies from $24.00 to $16.50 and set a "neutral" rating for the company in a research report on Thursday, April 9th. Finally, Barclays upgraded Rocket Companies from an "equal weight" rating to an "overweight" rating and dropped their target price for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Nine investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Rocket Companies presently has a consensus rating of "Hold" and a consensus price target of $20.40.

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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