CenterBook Partners LP Invests $4.17 Million in Rocket Companies, Inc. $RKT

CenterBook Partners LP bought a new position in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 215,359 shares of the company’s stock, valued at approximately $4,169,000.

Several other institutional investors have also recently made changes to their positions in the company. Manchester Capital Management LLC grew its stake in shares of Rocket Companies by 0.5% in the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after acquiring an additional 618 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Rocket Companies in the 4th quarter worth about $427,000. Vestcor Inc purchased a new position in shares of Rocket Companies in the 4th quarter worth about $397,000. Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new position in shares of Rocket Companies in the 4th quarter worth about $4,881,000. Finally, WINTON GROUP Ltd boosted its holdings in shares of Rocket Companies by 2,909.5% in the 4th quarter. WINTON GROUP Ltd now owns 745,692 shares of the company’s stock worth $14,437,000 after buying an additional 720,914 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RKT shares. Wells Fargo & Company cut their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Citizens Jmp started coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Keefe, Bruyette & Woods cut their price target on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Finally, Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Price Performance

NYSE RKT opened at $12.36 on Tuesday. The company has a market cap of $34.97 billion, a PE ratio of 247.20 and a beta of 2.19. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The firm’s 50-day simple moving average is $14.50 and its two-hundred day simple moving average is $17.20.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion for 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%. The company’s 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 earnings per share. Research analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share 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.