Castleark Management LLC Raises Holdings in Rocket Companies, Inc. $RKT

Castleark Management LLC lifted its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 25.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 481,560 shares of the company’s stock after acquiring an additional 98,060 shares during the period. Castleark Management LLC’s holdings in Rocket Companies were worth $9,323,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its position in Rocket Companies by 280.3% during the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares during the last quarter. Nuveen LLC grew its position in Rocket Companies by 5.5% during the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after purchasing an additional 1,706,659 shares during the last quarter. ValueAct Holdings L.P. grew its position in Rocket Companies by 67.9% during the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after purchasing an additional 10,270,018 shares during the last quarter. Geode Capital Management LLC grew its position in Rocket Companies by 265.0% during the 4th quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock worth $299,939,000 after purchasing an additional 11,282,009 shares during the last quarter. Finally, Durable Capital Partners LP purchased a new stake in Rocket Companies during the 3rd quarter worth approximately $213,010,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on RKT shares. Keefe, Bruyette & Woods dropped their target price 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. Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. Stephens assumed coverage on Rocket Companies in a research note on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target on the stock. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Finally, Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.93.

Rocket Companies Price Performance

NYSE:RKT opened at $13.06 on Friday. Rocket Companies, Inc. has a one year low of $12.17 and a one year high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The firm has a market cap of $36.96 billion, a price-to-earnings ratio of 261.26 and a beta of 2.19. The firm’s fifty day moving average is $14.43 and its two-hundred day moving average is $17.10.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the company earned $0.04 earnings per share. The firm’s revenue was up 167.1% on a year-over-year basis. Research analysts expect that Rocket Companies, Inc. will post 0.65 EPS for the current year.

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.