Strs Ohio Purchases 73,545 Shares of Rocket Companies, Inc. $RKT

Key Points

• Strs Ohio boosted its stake in Rocket Companies by 1,224.3% in Q4, buying 73,545 shares to hold 79,552 shares valued at about $1.54 million.
• Several large institutions—including Vanguard, Durable Capital, ValueAct, Fred Alger and Alyeska—also materially increased or initiated positions, with institutional ownership reported at 4.59%.
• Rocket beat Q4 estimates (EPS $0.11 vs $0.09; revenue $2.44B vs $2.24B, +52.2% YoY), but Wall Street's consensus rating remains a Hold with a $20.40 price target.

Strs Ohio boosted its position in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 1,224.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,552 shares of the company's stock after buying an additional 73,545 shares during the quarter. Strs Ohio's holdings in Rocket Companies were worth $1,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company's stock valued at $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. Durable Capital Partners LP bought a new position in shares of Rocket Companies during the 3rd quarter valued at $213,010,000. ValueAct Holdings L.P. raised its position in Rocket Companies by 67.9% in the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company's stock worth $492,167,000 after purchasing an additional 10,270,018 shares during the period. Fred Alger Management LLC raised its position in Rocket Companies by 7,412.6% in the 3rd quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company's stock worth $117,807,000 after purchasing an additional 5,997,885 shares during the period. Finally, Alyeska Investment Group L.P. lifted its stake in Rocket Companies by 229.5% in the third quarter. Alyeska Investment Group L.P. now owns 3,274,519 shares of the company's stock worth $63,460,000 after purchasing an additional 2,280,631 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $14.69 on Thursday. The company's fifty day simple moving average is $15.23 and its two-hundred day simple moving average is $17.71. Rocket Companies, Inc. has a 12-month low of $11.08 and a 12-month high of $24.36. The firm has a market cap of $41.43 billion, a PE ratio of -113.02 and a beta of 2.23. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT - Get Free Report) last posted 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 analyst estimates of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. Rocket Companies's revenue for the quarter was up 52.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.04 earnings per share. As a group, equities analysts expect that Rocket Companies, Inc. will post 0.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RKT. Compass Point assumed coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a "buy" rating and a $21.00 price target for the company. Zacks Research downgraded Rocket Companies from a "hold" rating to a "strong sell" rating in a report on Monday, April 13th. JPMorgan Chase & Co. lowered their target price on Rocket Companies from $24.00 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 9th. Citizens Jmp started coverage on Rocket Companies in a report on Wednesday, March 25th. They set a "market perform" rating for the company. Finally, Keefe, Bruyette & Woods upgraded Rocket Companies from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $20.00 to $22.00 in a research report on Monday, March 16th. Nine research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $20.40.

Rocket Companies 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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