Rocket Companies, Inc. $RKT Shares Bought by Sei Investments Co.

Key Points

• Sei Investments significantly increased its Rocket Companies position by 196.1% in the first quarter, adding 1.60 million shares to hold 2.41 million shares worth approximately $34.4 million.
• Rocket reported strong quarterly results, with EPS of $0.15 versus a $0.12 estimate and revenue of $2.82 billion, up 167.1% year over year. Analysts expect full-year EPS of $0.58.
• Shares opened at $13.53, well below their 52-week high of $24.36. Analyst sentiment remains a “Moderate Buy”, with an average price target of $20.73.

Sei Investments Co. grew its position in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 196.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,411,225 shares of the company's stock after acquiring an additional 1,597,019 shares during the quarter. Sei Investments Co. owned approximately 0.09% of Rocket Companies worth $34,361,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Truvestments Capital LLC bought a new position in Rocket Companies during the fourth quarter worth $26,000. Acumen Wealth Advisors LLC bought a new stake in Rocket Companies during the fourth quarter valued at $26,000. Pinnacle Bancorp Inc. raised its holdings in shares of Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company's stock worth $29,000 after purchasing an additional 1,183 shares during the period. City State Bank acquired a new stake in shares of Rocket Companies during the fourth quarter worth $30,000. Finally, Smithfield Trust Co bought a new position in shares of Rocket Companies in the 4th quarter worth about $32,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $13.53 on Tuesday. The stock has a market cap of $38.27 billion, a P/E ratio of 270.50 and a beta of 2.16. The firm's 50-day simple moving average is $14.05 and its 200 day simple moving average is $15.99. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the prior year, the firm posted $0.04 EPS. Rocket Companies's revenue was up 167.1% compared to the same quarter last year. Equities analysts expect that Rocket Companies, Inc. will post 0.58 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Zacks Research upgraded shares of Rocket Companies from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Wells Fargo & Company cut their target price on shares of Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating on the stock in a report on Thursday, April 9th. Stephens assumed coverage on Rocket Companies in a research note on Thursday, April 23rd. They issued an "overweight" rating and a $22.50 target price for the company. Finally, Keefe, Bruyette & Woods lowered their target price on Rocket Companies from $21.00 to $20.00 and set an "outperform" rating for the company in a report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $20.73.

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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