Alta Park Capital LP Purchases New Holdings in Rocket Companies, Inc. $RKT

Alta Park Capital LP purchased a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 971,564 shares of the company’s stock, valued at approximately $18,809,000. Rocket Companies makes up about 2.3% of Alta Park Capital LP’s portfolio, making the stock its 23rd biggest position.

Several other large investors have also recently added to or reduced their stakes in RKT. Truvestments Capital LLC acquired a new position in shares of Rocket Companies during the 4th quarter worth $26,000. Acumen Wealth Advisors LLC bought a new stake in Rocket Companies in the 4th quarter valued at $26,000. Pinnacle Bancorp Inc. boosted its holdings in Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the period. City State Bank acquired a new position in shares of Rocket Companies in the 4th quarter valued at $30,000. Finally, Smithfield Trust Co acquired a new position in shares of Rocket Companies in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Ratings Changes

RKT has been the subject of a number of recent research reports. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. lowered 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. Citizens Jmp began coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Finally, Wells Fargo & Company reduced their target price on shares of 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. Eight analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and an average price target of $20.93.

Rocket Companies Price Performance

NYSE RKT opened at $13.17 on Thursday. 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, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36. The company has a market capitalization of $37.27 billion, a PE ratio of 263.48 and a beta of 2.19. The firm’s 50 day moving average is $14.36 and its 200-day moving average is $16.96.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data 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. The company 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 firm’s revenue was up 167.1% compared to the same quarter last year. During the same period last year, the company earned $0.04 earnings per share. Equities research analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share 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.