State of New Jersey Common Pension Fund D Takes $6.24 Million Position in Rocket Companies, Inc. $RKT

Key Points

• State of New Jersey Common Pension Fund D bought a new stake of 322,442 shares of Rocket Companies in Q4, valued at about $6.24 million.
• Rocket Companies reported an EPS beat ($0.11 vs. $0.09) and revenue of $2.44 billion (up 52.2% year-over-year), but the firm still shows a negative net margin and a negative PE ratio.
• Analyst coverage is mixed with a consensus rating of "Hold" and a $20.40 consensus price target, while institutional ownership stands around 4.59%.

State of New Jersey Common Pension Fund D purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 322,442 shares of the company's stock, valued at approximately $6,242,000.

A number of other hedge funds have also recently made changes to their positions in the company. ORG Partners LLC grew its position in shares of Rocket Companies by 22.3% during the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company's stock valued at $55,000 after purchasing an additional 520 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Rocket Companies by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company's stock valued at $365,000 after purchasing an additional 636 shares in the last quarter. Miller Wealth Advisors LLC grew 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 purchasing an additional 650 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Rocket Companies by 26.1% during the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company's stock valued at $63,000 after purchasing an additional 677 shares in the last quarter. Finally, Amundi grew its position in shares of Rocket Companies by 2.3% during the 2nd quarter. Amundi now owns 34,170 shares of the company's stock valued at $498,000 after purchasing an additional 754 shares in the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Performance

Rocket Companies stock opened at $14.65 on Monday. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $41.31 billion, a PE ratio of -112.70 and a beta of 2.23. The firm has a fifty day simple moving average of $15.36 and a two-hundred day simple moving average of $17.75. Rocket Companies, Inc. has a twelve month low of $11.08 and a twelve month high of $24.36.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RKT. Compass Point began coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They issued a "buy" rating and a $21.00 target price for the company. Wells Fargo & Company cut 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. Stephens began coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They issued an "overweight" rating and a $22.50 target price for the company. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $20.00 to $22.00 in a research report on Monday, March 16th. Finally, Barclays upgraded shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and cut 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 given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock 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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