Contour Asset Management LLC Has $74.44 Million Stock Position in Rocket Companies, Inc. $RKT

Contour Asset Management LLC lowered its position in Rocket Companies, Inc. (NYSE:RKT) by 46.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,845,051 shares of the company’s stock after selling 3,277,118 shares during the quarter. Rocket Companies accounts for about 1.7% of Contour Asset Management LLC’s holdings, making the stock its 20th largest position. Contour Asset Management LLC owned 0.18% of Rocket Companies worth $74,440,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. ORG Partners LLC increased its position in shares of Rocket Companies by 22.3% during the fourth quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock valued at $55,000 after purchasing an additional 520 shares during the period. Manchester Capital Management LLC raised its stake in shares of Rocket Companies by 0.5% in the fourth quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock valued at $2,255,000 after purchasing an additional 618 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Rocket Companies by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock worth $365,000 after purchasing an additional 636 shares during the period. Composition Wealth LLC boosted its stake in Rocket Companies by 2.7% during the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock worth $490,000 after buying an additional 668 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in Rocket Companies by 26.1% during the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock worth $63,000 after buying an additional 677 shares in the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Down 5.4%

RKT opened at $13.17 on Thursday. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36. The stock has a market capitalization of $37.27 billion, a PE ratio of 263.48 and a beta of 2.19. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average price of $14.36 and a two-hundred day moving average price of $16.96.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same period last year, the company earned $0.04 EPS. As a group, equities analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Citizens Jmp initiated coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock. Compass Point initiated coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target for the company. Stephens initiated coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. Finally, Keefe, Bruyette & Woods decreased their price objective on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and an average price target of $20.93.

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.