Rocket Companies, Inc. $RKT Shares Sold by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG cut its Rocket Companies stake by 82.1% in the first quarter, selling 283,477 shares and leaving it with 61,988 shares worth about $883,000.
• Analysts remain mixed but generally constructive on RKT, with a consensus rating of “Moderate Buy” and an average price target of $20.67 after several firms trimmed their targets.
• Rocket Companies beat Q1 expectations by posting $0.15 EPS on $2.82 billion in revenue, while revenue jumped 167.1% year over year and the stock was up 2.9% to $14.31.

J. Safra Sarasin Holding AG reduced its holdings in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 82.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,988 shares of the company's stock after selling 283,477 shares during the quarter. J. Safra Sarasin Holding AG's holdings in Rocket Companies were worth $883,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Truvestments Capital LLC acquired a new position in Rocket Companies during the 4th quarter worth $26,000. Acumen Wealth Advisors LLC acquired a new position in shares of Rocket Companies during the fourth quarter valued at $26,000. Pinnacle Bancorp Inc. raised its stake 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 valued at $29,000 after purchasing an additional 1,183 shares in the last quarter. City State Bank bought a new stake in shares of Rocket Companies during the fourth quarter valued at about $30,000. Finally, Smithfield Trust Co acquired a new stake in Rocket Companies in the fourth quarter worth about $32,000. Institutional investors own 4.59% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company decreased their target price on shares of 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. Barclays dropped their price target on shares of Rocket Companies from $19.00 to $17.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 7th. Benchmark assumed coverage on shares of Rocket Companies in a research note on Monday, June 29th. They issued a "buy" rating and a $21.00 price target for the company. Keefe, Bruyette & Woods decreased their price objective on shares of Rocket Companies from $21.00 to $20.00 and set an "outperform" rating for the company in a report on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of Rocket Companies from a "sell (d)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $20.67.

Rocket Companies Stock Up 2.9%

NYSE RKT opened at $14.31 on Wednesday. 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 $14.13 and its 200 day simple moving average is $16.38. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The company has a market capitalization of $40.48 billion, a P/E ratio of 286.16 and a beta of 2.16.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion during the quarter, compared to analysts' expectations of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm's revenue for the quarter was up 167.1% compared to the same quarter last year. During the same period last year, the firm posted $0.04 earnings per share. Equities research analysts expect that Rocket Companies, Inc. will post 0.61 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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