Contour Asset Management LLC Sells 3,277,118 Shares of Rocket Companies, Inc. $RKT

Contour Asset Management LLC decreased its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 46.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 3,845,051 shares of the company’s stock after selling 3,277,118 shares during the quarter. Rocket Companies makes up approximately 1.7% of Contour Asset Management LLC’s holdings, making the stock its 20th largest holding. Contour Asset Management LLC’s holdings in Rocket Companies were worth $74,440,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Rocket Companies by 29.5% in the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after acquiring an additional 5,226,931 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in Rocket Companies during the 4th quarter worth about $40,455,000. Baker Chad R bought a new position in Rocket Companies during the 4th quarter worth about $1,926,000. Hudson Bay Capital Management LP acquired a new stake in shares of Rocket Companies in the 3rd quarter valued at about $13,728,000. Finally, Prescott Group Capital Management L.L.C. bought a new stake in shares of Rocket Companies in the fourth quarter valued at about $4,259,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RKT. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Wells Fargo & Company reduced their price target on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research note on Tuesday. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $22.00 to $19.00 in a report on Monday, April 6th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Eight equities 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, Rocket Companies has a consensus rating of “Hold” and an average target price of $20.93.

Rocket Companies Stock Performance

RKT opened at $13.17 on Thursday. Rocket Companies, Inc. has a 52-week low of $12.17 and a 52-week high of $24.36. The firm has a market capitalization of $37.27 billion, a PE ratio of 263.48 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The business’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 for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $0.04 earnings per share. As a group, sell-side analysts expect that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

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.