Canton Hathaway LLC Has $2.36 Million Holdings in Rocket Companies, Inc. $RKT

Canton Hathaway LLC increased its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 686.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 165,880 shares of the company’s stock after buying an additional 144,780 shares during the period. Rocket Companies makes up 0.5% of Canton Hathaway LLC’s holdings, making the stock its 28th biggest holding. Canton Hathaway LLC’s holdings in Rocket Companies were worth $2,364,000 at the end of the most recent quarter.

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

Rocket Companies Trading Up 0.7%

Shares of Rocket Companies stock opened at $15.87 on Thursday. 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, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The stock has a 50 day moving average price of $14.19 and a two-hundred day moving average price of $16.63. The stock has a market capitalization of $44.89 billion, a PE ratio of 317.34 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last released 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. 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 during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company’s quarterly revenue was up 167.1% on a year-over-year basis. As a group, equities analysts anticipate that Rocket Companies, Inc. will post 0.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on RKT shares. JPMorgan Chase & Co. dropped their price target on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Compass Point assumed coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective for the company. Keefe, Bruyette & Woods lowered their price objective on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Finally, Wells Fargo & Company dropped their target price on shares of 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 and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.87.

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.