Rocket Companies, Inc. $RKT Holdings Raised by Geode Capital Management LLC

Geode Capital Management LLC grew its position in Rocket Companies, Inc. (NYSE:RKT) by 265.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 15,539,351 shares of the company’s stock after buying an additional 11,282,009 shares during the period. Geode Capital Management LLC’s holdings in Rocket Companies were worth $299,939,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Brooktree Capital Management increased its holdings in shares of Rocket Companies by 27.5% in the 3rd quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock valued at $2,881,000 after acquiring an additional 32,088 shares during the last quarter. Cibc World Market Inc. acquired a new position in Rocket Companies during the 3rd quarter valued at approximately $2,689,000. Vanguard Group Inc. boosted its position in Rocket Companies by 29.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after purchasing an additional 5,226,931 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in Rocket Companies during the 4th quarter valued at approximately $40,455,000. Finally, Baker Chad R acquired a new position in Rocket Companies during the 4th quarter valued at approximately $1,926,000. 4.59% of the stock is currently owned by institutional investors.

Rocket Companies Trading Down 2.2%

Shares of RKT stock opened at $14.19 on Tuesday. 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 1 year low of $12.25 and a 1 year high of $24.36. The stock has a fifty day moving average of $14.60 and a two-hundred day moving average of $17.35. The firm has a market capitalization of $40.14 billion, a PE ratio of 283.76 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarterly revenue was up 167.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.04 EPS. As a group, research analysts expect that Rocket Companies, Inc. will post 0.65 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RKT shares. Stephens started coverage on Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective for the company. Citizens Jmp started coverage on Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Compass Point started coverage on 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 reduced their price objective on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Rocket Companies has a consensus rating of “Moderate Buy” and an average target price of $20.93.

About Rocket Companies

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.