Oppenheimer & Co. Inc. Sells 52,854 Shares of Rocket Companies, Inc. $RKT

Oppenheimer & Co. Inc. cut its stake in Rocket Companies, Inc. (NYSE:RKT) by 83.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,811 shares of the company’s stock after selling 52,854 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Rocket Companies were worth $209,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Rocket Companies by 280.3% in 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 during the period. ValueAct Holdings L.P. increased its position in shares of Rocket Companies by 67.9% during the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after buying an additional 10,270,018 shares during the period. Durable Capital Partners LP purchased a new stake in shares of Rocket Companies in the third quarter worth about $213,010,000. Wellington Management Group LLP lifted its holdings in shares of Rocket Companies by 30.6% in the third quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company’s stock worth $122,060,000 after buying an additional 1,474,040 shares in the last quarter. Finally, Fred Alger Management LLC boosted its position in shares of Rocket Companies by 7,412.6% in the third quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock valued at $117,807,000 after acquiring an additional 5,997,885 shares during the period. 4.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Zacks Research cut shares of Rocket Companies from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a report on Monday, March 16th. Stephens initiated coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Finally, Wells Fargo & Company lowered their price objective 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. Nine analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $21.00.

Rocket Companies Trading Down 5.4%

Shares of RKT stock opened at $14.84 on Tuesday. The company has a quick ratio of 70.90, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The business has a 50-day moving average price of $15.07 and a two-hundred day moving average price of $17.67. Rocket Companies, Inc. has a 12-month low of $11.20 and a 12-month high of $24.36. The firm has a market cap of $41.85 billion, a P/E ratio of 296.82 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate 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 company’s revenue was up 167.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.04 EPS. Equities analysts anticipate that Rocket Companies, Inc. will post 0.63 EPS for the current fiscal year.

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.