Rocket Companies, Inc. $RKT Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC boosted its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 2,876.6% in the 4th quarter, Holdings Channel reports. The fund owned 1,254,973 shares of the company’s stock after acquiring an additional 1,212,812 shares during the quarter. Hsbc Holdings PLC’s holdings in Rocket Companies were worth $24,357,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RKT. Bank of Hawaii lifted its stake in Rocket Companies by 101.2% in the 4th quarter. Bank of Hawaii now owns 92,777 shares of the company’s stock worth $1,796,000 after purchasing an additional 46,672 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Rocket Companies by 19.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,406,444 shares of the company’s stock valued at $104,669,000 after purchasing an additional 868,441 shares in the last quarter. Compound Planning Inc. acquired a new stake in shares of Rocket Companies in the fourth quarter valued at approximately $327,000. Invesco Ltd. increased its holdings in shares of Rocket Companies by 202.9% in the fourth quarter. Invesco Ltd. now owns 1,184,072 shares of the company’s stock valued at $22,924,000 after purchasing an additional 793,160 shares during the last quarter. Finally, Axxcess Wealth Management LLC lifted its position in Rocket Companies by 148.2% during the fourth quarter. Axxcess Wealth Management LLC now owns 36,126 shares of the company’s stock worth $699,000 after buying an additional 21,573 shares in the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Price Performance

RKT stock opened at $14.67 on Thursday. The business’s fifty day moving average price is $14.27 and its 200 day moving average price is $16.76. Rocket Companies, Inc. has a 12-month low of $12.17 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 company has a market capitalization of $41.52 billion, a PE ratio of 293.48 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.Rocket Companies’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same period last year, the business posted $0.04 EPS. On average, sell-side analysts anticipate that Rocket Companies, Inc. will post 0.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RKT shares. Wells Fargo & Company lowered their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Compass Point began coverage on Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target on the stock. Keefe, Bruyette & Woods lowered their price target on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. cut 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 report on Thursday, April 9th. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.