EMC Capital Management Purchases New Position in Rocket Companies, Inc. $RKT

EMC Capital Management purchased a new position in Rocket Companies, Inc. (NYSE:RKT – Free Report) in the fourth quarter, HoldingsChannel reports. The fund purchased 39,971 shares of the company’s stock, valued at approximately $774,000. Rocket Companies makes up approximately 0.3% of EMC Capital Management’s portfolio, making the stock its 17th largest holding.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted 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 valued at $1,689,287,000 after acquiring an additional 64,311,040 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of 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 acquiring an additional 25,966,725 shares during the period. Morgan Stanley raised its position in shares of Rocket Companies by 461.2% in the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after acquiring an additional 22,196,782 shares in the last quarter. State Street Corp raised its position in shares of Rocket Companies by 323.9% in the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock worth $400,526,000 after acquiring an additional 15,807,776 shares in the last quarter. Finally, ValueAct Holdings L.P. lifted its stake in shares of Rocket Companies by 55.1% in the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after purchasing an additional 13,985,025 shares during the period. 4.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RKT. Wells Fargo & Company dropped their price target on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Keefe, Bruyette & Woods decreased their price objective on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Royal Bank Of Canada reissued a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Stephens initiated coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. Finally, Citizens Jmp started coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Eight equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Rocket Companies has a consensus rating of “Hold” and an average price target of $20.93.

Get Our Latest Report on Rocket Companies

Rocket Companies Stock Down 0.1%

RKT stock opened at $14.41 on Friday. The business has a 50 day moving average of $14.34 and a 200 day moving average of $16.91. The firm has a market cap of $40.76 billion, a PE ratio of 288.14 and a beta of 2.19. Rocket Companies, Inc. has a twelve month low of $12.17 and a twelve month high of $24.36. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping 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 business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was up 167.1% compared to the same quarter last year. On average, research analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

About Rocket Companies

(Free Report)

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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