Renaissance Technologies LLC Makes New Investment in Rocket Companies, Inc. $RKT

Renaissance Technologies LLC acquired a new position in Rocket Companies, Inc. (NYSE:RKT) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,185,483 shares of the company’s stock, valued at approximately $31,143,000. Renaissance Technologies LLC owned about 0.08% of Rocket Companies as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the business. ORG Partners LLC grew its holdings 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 during the last quarter. Manchester Capital Management LLC boosted its position in Rocket Companies by 0.5% during the fourth quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock valued at $2,255,000 after buying an additional 618 shares during the period. Composition Wealth LLC boosted its position in Rocket Companies by 2.7% during the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after buying an additional 668 shares during the period. Parallel Advisors LLC grew its stake in shares of Rocket Companies by 26.1% during the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after buying an additional 677 shares during the last quarter. Finally, Red Door Wealth Management LLC increased its holdings in shares of Rocket Companies by 6.7% in the first quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock worth $159,000 after buying an additional 698 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

Shares of RKT stock opened at $13.98 on Wednesday. The firm has a market cap of $39.56 billion, a P/E ratio of 279.60 and a beta of 2.16. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The business’s 50 day moving average price is $14.08 and its 200-day moving average price is $15.94. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the previous year, the firm earned $0.04 earnings per share. The business’s revenue was up 167.1% compared to the same quarter last year. On average, equities research analysts anticipate that Rocket Companies, Inc. will post 0.58 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RKT shares. Benchmark assumed coverage on Rocket Companies in a report on Monday, June 29th. They set a “buy” rating and a $21.00 target price for the company. Keefe, Bruyette & Woods lowered their price objective on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th. JPMorgan Chase & Co. cut their target price on shares of Rocket Companies from $16.00 to $15.50 and set a “neutral” rating on the stock in a report on Monday, July 13th. Stephens initiated coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. Finally, Barclays cut their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. One investment 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 MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.73.

Rocket Companies Company 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.