Geode Capital Management LLC Boosts Stock Position in Rocket Companies, Inc. $RKT

Geode Capital Management LLC increased its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 265.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,539,351 shares of the company’s stock after purchasing an additional 11,282,009 shares during the quarter. Geode Capital Management LLC owned approximately 0.74% of Rocket Companies worth $299,939,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. increased its position in Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares in the last quarter. City State Bank purchased a new stake in Rocket Companies during the 4th quarter worth about $30,000. Smithfield Trust Co purchased a new stake in Rocket Companies during the 4th quarter worth about $32,000. Key Financial Inc purchased a new stake in Rocket Companies during the 4th quarter worth about $32,000. Finally, Private Capital Management LLC purchased a new stake in Rocket Companies during the 3rd quarter worth about $182,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analyst Ratings Changes

RKT has been the topic of a number of research analyst reports. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. Wells Fargo & Company decreased their price target 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. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Citizens Jmp initiated coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock. Finally, Compass Point initiated coverage on Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Rocket Companies currently has an average rating of “Moderate Buy” and an average target price of $20.93.

Rocket Companies Stock Performance

Shares of RKT opened at $14.19 on Tuesday. The business’s 50 day moving average is $14.60 and its two-hundred day moving average is $17.35. Rocket Companies, Inc. has a 52-week low of $12.25 and a 52-week high of $24.36. The firm has a market cap of $40.14 billion, a price-to-earnings ratio of 283.76 and a beta of 2.19. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the company posted $0.04 EPS. Rocket Companies’s quarterly revenue was up 167.1% on a year-over-year basis. Analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal 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.