Rocket Companies, Inc. $RKT Shares Purchased by Empowered Funds LLC

Empowered Funds LLC raised its stake in Rocket Companies, Inc. (NYSE:RKT) by 160.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 173,262 shares of the company’s stock after buying an additional 106,779 shares during the quarter. Empowered Funds LLC’s holdings in Rocket Companies were worth $2,469,000 as of its most recent filing with the SEC.

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

Trending Headlines about Rocket Companies

Here are the key news stories impacting Rocket Companies this week:

• Positive Sentiment: Rocket Companies saw unusually strong call-option activity, with investors purchasing 72,848 calls—49% above average volume. This may indicate speculative bullish positioning ahead of earnings, although options activity is not a guarantee of future performance.
• Positive Sentiment: Affordability for U.S. starter homes improved for the eighth consecutive month, while the income needed to purchase a typical starter home declined 1.5% year over year. Improving entry-level affordability could support housing demand and mortgage origination activity for Rocket. Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market
• Neutral Sentiment: Rocket is scheduled to report second-quarter results tomorrow. Investors are likely focused on revenue, mortgage production, gain-on-sale margins, and management’s outlook, making the report a near-term catalyst for the stock. Earnings to watch: Rocket Companies reports Q2 results tomorrow
• Neutral Sentiment: Wall Street’s preview of Rocket’s second-quarter results is highlighting operating metrics beyond headline revenue and earnings estimates. The analysis reinforces that the market will scrutinize the quality and sustainability of the quarter’s performance. Wall Street’s Insights Into Key Metrics Ahead of Rocket Companies Q2 Earnings
• Neutral Sentiment: RBC Capital maintained a Hold rating on Rocket Companies, signaling neither a strong bullish nor bearish view and potentially limiting positive analyst-driven momentum. RBC Capital Sticks to Their Hold Rating for Rocket Companies
• Negative Sentiment: Affordability for a typical U.S. home remains strained: required income is near a record $110,000 and approximately $22,000 above median household income. Persistent affordability challenges could weigh on overall home transactions and mortgage demand, despite improvement among starter-home buyers. The Income Needed to Afford Typical American Home Holds Steady Near Record High

Rocket Companies Stock Performance

RKT opened at $13.87 on Thursday. The business has a 50 day moving average price of $14.04 and a two-hundred day moving average price of $15.55. 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 has a market capitalization of $39.23 billion, a price-to-earnings ratio of 277.30 and a beta of 2.19. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion during 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 business’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 EPS. Research analysts predict that Rocket Companies, Inc. will post 0.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RKT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price target on Rocket Companies from $16.00 to $15.50 and set a “neutral” rating on the stock in a report on Monday, July 13th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a report on Monday, May 11th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Stephens began coverage on Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. Finally, Barclays decreased their price target on Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.73.

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.