Rocket Companies, Inc. $RKT Shares Acquired by Atreides Management LP

Atreides Management LP lifted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 260.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,602,563 shares of the company’s stock after buying an additional 2,601,906 shares during the quarter. Rocket Companies makes up about 0.9% of Atreides Management LP’s holdings, making the stock its 24th largest position. Atreides Management LP owned about 0.17% of Rocket Companies worth $69,746,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in RKT. Vanguard Group Inc. increased its position in Rocket Companies by 280.3% during the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. Nuveen LLC increased its position in Rocket Companies by 5.5% during the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after purchasing an additional 1,706,659 shares in the last quarter. Morgan Stanley increased its position in Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after purchasing an additional 22,196,782 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Rocket Companies by 11,636.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after purchasing an additional 25,966,725 shares in the last quarter. Finally, ValueAct Holdings L.P. increased its position in Rocket Companies by 67.9% during 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 in the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on RKT. JPMorgan Chase & Co. dropped their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Citizens Jmp began coverage on Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Wells Fargo & Company dropped their price objective on 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. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, Rocket Companies has a consensus rating of “Hold” and a consensus target price of $20.93.

Rocket Companies Stock Down 5.4%

RKT opened at $13.17 on Thursday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The stock has a market capitalization of $37.27 billion, a price-to-earnings ratio of 263.48 and a beta of 2.19. The business has a 50-day moving average of $14.36 and a two-hundred day moving average of $16.96.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the previous year, the business earned $0.04 EPS. The company’s revenue for the quarter was up 167.1% on a year-over-year basis. On average, research analysts expect that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

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.