Pinnbrook Capital Management LP Sells 192,010 Shares of Rocket Companies, Inc. $RKT

Pinnbrook Capital Management LP cut its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 65.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 102,071 shares of the company’s stock after selling 192,010 shares during the quarter. Pinnbrook Capital Management LP’s holdings in Rocket Companies were worth $1,976,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of RKT. Cloud Capital Management LLC bought a new stake in Rocket Companies during the third quarter valued at about $25,000. Pinnacle Bancorp Inc. raised its holdings in Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after acquiring an additional 1,183 shares during the period. City State Bank bought a new stake in Rocket Companies during the fourth quarter valued at about $30,000. Sound Income Strategies LLC increased its holdings in shares of Rocket Companies by 354.8% in the fourth quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock worth $38,000 after purchasing an additional 1,540 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its holdings in shares of Rocket Companies by 875.0% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock worth $38,000 after purchasing an additional 1,750 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RKT. Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $20.00 target price on shares of Rocket Companies in a report on Monday, May 11th. Citizens Jmp began coverage on Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Stephens began coverage on Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 target price on the stock. Finally, JPMorgan Chase & Co. reduced their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Trading Up 1.5%

Shares of RKT stock opened at $13.84 on Friday. Rocket Companies, Inc. has a 12-month low of $12.03 and a 12-month high of $24.36. 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 stock’s 50-day moving average price is $14.67 and its 200-day moving average price is $17.47. The stock has a market capitalization of $39.01 billion, a price-to-earnings ratio of 276.70 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion during 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 firm’s revenue was up 167.1% on a year-over-year basis. During the same quarter last year, the business posted $0.04 earnings per share. Equities research analysts predict that Rocket Companies, Inc. will post 0.63 EPS for the current fiscal 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.