Rocket Companies, Inc. $RKT Shares Sold by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd cut its Rocket Companies position by 41.9% in the first quarter, selling 325,353 shares and leaving it with 450,557 shares valued at about $6.08 million.
• Rocket Companies recently reported stronger-than-expected quarterly results, posting EPS of $0.15 versus $0.12 expected and revenue of $2.82 billion, up 167.1% year over year.
• Analysts remain mixed but slightly bullish overall, with an average “Moderate Buy” rating and a consensus price target of $20.73, while shares were trading at $13.97 in the article.

Mediolanum International Funds Ltd lowered its stake in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 41.9% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 450,557 shares of the company's stock after selling 325,353 shares during the period. Mediolanum International Funds Ltd's holdings in Rocket Companies were worth $6,078,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Truvestments Capital LLC purchased a new stake in shares of Rocket Companies in the fourth quarter worth about $26,000. Acumen Wealth Advisors LLC purchased a new position in Rocket Companies during the fourth quarter valued at approximately $26,000. Pinnacle Bancorp Inc. lifted its holdings in Rocket Companies by 369.7% in the fourth 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 period. City State Bank acquired a new position in Rocket Companies in the fourth quarter valued at approximately $30,000. Finally, Smithfield Trust Co purchased a new stake in Rocket Companies in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 4.59% of the company's stock.

Rocket Companies Stock Performance

NYSE:RKT opened at $13.97 on Tuesday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The stock has a market capitalization of $39.54 billion, a PE ratio of 279.48 and a beta of 2.16. 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 fifty day moving average of $14.11 and a two-hundred day moving average of $16.23.

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 the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company's revenue for the quarter was up 167.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.04 earnings per share. As a group, research analysts forecast that Rocket Companies, Inc. will post 0.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RKT has been the subject of several recent research reports. Zacks Research raised shares of Rocket Companies from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 12th. Stephens started coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an "overweight" rating and a $22.50 price target on the stock. JPMorgan Chase & Co. dropped their price target on shares of Rocket Companies from $16.00 to $15.50 and set a "neutral" rating on the stock in a research report on Monday, July 13th. Keefe, Bruyette & Woods cut 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 raised shares of Rocket Companies from a "sell (d)" rating to a "hold (c)" rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.