Atreides Management LP Grows Stock Position in Rocket Companies, Inc. $RKT

Atreides Management LP boosted its stake in Rocket Companies, Inc. (NYSE:RKT) by 260.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,602,563 shares of the company’s stock after acquiring an additional 2,601,906 shares during the quarter. Rocket Companies comprises about 0.9% of Atreides Management LP’s holdings, making the stock its 24th largest holding. Atreides Management LP’s holdings in Rocket Companies were worth $69,746,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Acumen Wealth Advisors LLC purchased a new position in shares of Rocket Companies during the 4th quarter valued at approximately $26,000. Truvestments Capital LLC acquired a new stake in shares of Rocket Companies during the fourth quarter worth approximately $26,000. Pinnacle Bancorp Inc. grew its position in shares of Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after buying an additional 1,183 shares in the last quarter. City State Bank acquired a new stake in shares of Rocket Companies during the fourth quarter worth approximately $30,000. Finally, Smithfield Trust Co acquired a new stake in shares of Rocket Companies during the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

RKT stock opened at $13.17 on Thursday. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The firm has a market cap of $37.27 billion, a P/E ratio of 263.48 and a beta of 2.19. Rocket Companies, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36. The stock’s 50 day simple moving average is $14.36 and its 200 day simple moving average is $16.96.

Rocket Companies (NYSE:RKT) last posted its quarterly 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. The business 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 business’s revenue was up 167.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 EPS. As a group, equities research analysts predict that Rocket Companies, Inc. will post 0.65 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research report on Tuesday. Keefe, Bruyette & Woods decreased their price target on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Stephens assumed 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. Royal Bank Of Canada reissued a “sector perform” rating and set a $20.00 price target on shares of Rocket Companies in a research report on Monday, May 11th. Finally, Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Eight research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.93.

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.