Rocket Companies, Inc. $RKT Stock Holdings Increased by Governors Lane LP

Governors Lane LP lifted its stake in Rocket Companies, Inc. (NYSE:RKT) by 19.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 535,597 shares of the company’s stock after acquiring an additional 85,581 shares during the quarter. Governors Lane LP’s holdings in Rocket Companies were worth $10,369,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after buying an additional 5,226,931 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in Rocket Companies in the fourth quarter worth approximately $40,455,000. Baker Chad R acquired a new position in Rocket Companies in the fourth quarter worth approximately $1,926,000. Hudson Bay Capital Management LP acquired a new position in Rocket Companies in the third quarter worth approximately $13,728,000. Finally, Prescott Group Capital Management L.L.C. acquired a new position in Rocket Companies in the fourth quarter worth approximately $4,259,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RKT has been the topic of a number of research reports. Compass Point initiated coverage on Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective on the stock. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Stephens initiated coverage on Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective on the stock. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Wells Fargo & Company reduced their target price on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Eight equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.93.

Rocket Companies Price Performance

NYSE RKT opened at $13.17 on Thursday. 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 company has a fifty day simple moving average of $14.36 and a 200 day simple moving average of $16.96. The company has a market cap of $37.27 billion, a P/E ratio of 263.48 and a beta of 2.19. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. Rocket Companies’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 EPS. On average, sell-side analysts predict 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.