1,393,951 Shares in Rocket Companies, Inc. $RKT Bought by South Street Advisors LLC

South Street Advisors LLC bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,393,951 shares of the company’s stock, valued at approximately $26,987,000. Rocket Companies comprises approximately 3.8% of South Street Advisors LLC’s investment portfolio, making the stock its 8th biggest position.

Several other large investors have also added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its holdings in Rocket Companies by 515.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 90,683 shares of the company’s stock worth $1,756,000 after purchasing an additional 75,948 shares during the last quarter. Intech Investment Management LLC acquired a new position in Rocket Companies during the fourth quarter worth $295,000. Huntington National Bank lifted its stake in Rocket Companies by 29.5% in the fourth quarter. Huntington National Bank now owns 33,734 shares of the company’s stock valued at $653,000 after acquiring an additional 7,675 shares during the last quarter. Geode Capital Management LLC lifted its stake in Rocket Companies by 265.0% in the fourth quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock valued at $299,939,000 after acquiring an additional 11,282,009 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new stake in Rocket Companies in the fourth quarter valued at $262,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Up 0.7%

Shares of RKT opened at $14.38 on Friday. The business’s 50-day moving average price is $14.61 and its 200-day moving average price is $17.39. Rocket Companies, Inc. has a twelve month low of $12.25 and a twelve month high of $24.36. The stock has a market cap of $40.67 billion, a PE ratio of 287.50 and a beta of 2.23. 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) last announced its quarterly earnings results 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. 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 prior year, the business posted $0.04 earnings per share. The company’s revenue was up 167.1% on a year-over-year basis. On average, equities analysts forecast that Rocket Companies, Inc. will post 0.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RKT. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $22.00 to $19.00 in a research report on Monday, April 6th. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Stephens began coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective on the stock. Compass Point began coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Citizens Jmp began coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They set a “market perform” rating on the stock. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.93.

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.