AXQ Capital LP Raises Position in Rocket Companies, Inc. $RKT

AXQ Capital LP boosted its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 701.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 163,842 shares of the company’s stock after buying an additional 143,396 shares during the quarter. Rocket Companies comprises approximately 0.7% of AXQ Capital LP’s investment portfolio, making the stock its 2nd largest holding. AXQ Capital LP’s holdings in Rocket Companies were worth $3,172,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Pinnacle Bancorp Inc. grew its holdings in shares of Rocket Companies by 369.7% in 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 in the last quarter. City State Bank bought a new position in shares of Rocket Companies during the fourth quarter valued at about $30,000. Smithfield Trust Co bought a new position in shares of Rocket Companies during the fourth quarter valued at about $32,000. Key Financial Inc bought a new stake in shares of Rocket Companies in the fourth quarter worth about $32,000. Finally, Private Capital Management LLC purchased a new stake in Rocket Companies in the third quarter worth about $182,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Trading Down 2.2%

Shares of Rocket Companies stock opened at $14.19 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The firm has a fifty day moving average price of $14.60 and a 200 day moving average price of $17.35. Rocket Companies, Inc. has a 1 year low of $12.25 and a 1 year high of $24.36. The stock has a market cap of $40.14 billion, a PE ratio of 283.76 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data 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. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the previous year, the company earned $0.04 earnings per share. The firm’s revenue for the quarter was up 167.1% on a year-over-year basis. Equities research analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on RKT shares. Citizens Jmp initiated coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Compass Point initiated coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, Wells Fargo & Company reduced their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently 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.