State of New Jersey Common Pension Fund D Makes New $6.24 Million Investment in Rocket Companies, Inc. $RKT

State of New Jersey Common Pension Fund D purchased a new position in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 322,442 shares of the company’s stock, valued at approximately $6,242,000.

Several other hedge funds have also added to or reduced their stakes in RKT. Cloud Capital Management LLC bought a new stake in Rocket Companies in the third quarter worth $25,000. Pinnacle Bancorp Inc. lifted its stake in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank bought a new stake in Rocket Companies in the fourth quarter worth $30,000. Miller Wealth Advisors LLC lifted its stake in Rocket Companies by 65.0% in the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after purchasing an additional 650 shares during the last quarter. Finally, Geneos Wealth Management Inc. bought a new stake in Rocket Companies in the third quarter worth $38,000. 4.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RKT has been the subject of several recent analyst reports. Zacks Research downgraded shares of Rocket Companies from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. JPMorgan Chase & Co. lowered their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Wells Fargo & Company lowered their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. Stephens initiated 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 for the company. Finally, Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $20.00 to $22.00 in a research note on Monday, March 16th. Nine research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.40.

Rocket Companies Price Performance

RKT stock opened at $14.65 on Monday. Rocket Companies, Inc. has a 1 year low of $11.08 and a 1 year high of $24.36. The company has a market cap of $41.31 billion, a P/E ratio of -112.70 and a beta of 2.23. The firm has a 50-day moving average of $15.36 and a 200 day moving average of $17.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the firm earned $0.04 earnings per share. Rocket Companies’s revenue was up 52.2% on a year-over-year basis. On average, sell-side analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current year.

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.