Brasada Capital Management LP Takes Position in Rocket Companies, Inc. $RKT

Brasada Capital Management LP acquired a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 212,302 shares of the company’s stock, valued at approximately $4,206,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RKT. Royal Bank of Canada raised its position in shares of Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after buying an additional 22,861 shares during the last quarter. Amundi boosted its position in shares of Rocket Companies by 3.1% during the 1st quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after acquiring an additional 997 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Rocket Companies by 1,086.5% during the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after acquiring an additional 366,716 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Rocket Companies by 12.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock valued at $4,473,000 after acquiring an additional 40,326 shares during the last quarter. Finally, Creative Planning boosted its position in shares of Rocket Companies by 17.2% during the 2nd quarter. Creative Planning now owns 18,215 shares of the company’s stock valued at $258,000 after acquiring an additional 2,679 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RKT. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $22.00 to $19.00 in a research report on Monday, April 6th. JPMorgan Chase & Co. lowered their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 target price on shares of Rocket Companies in a research report on Monday, May 11th. Finally, Compass Point began coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price for the company. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Stock Down 2.7%

Shares of RKT opened at $13.06 on Friday. The company has a market cap of $36.96 billion, a PE ratio of 261.26 and a beta of 2.19. The business has a fifty day moving average of $14.43 and a 200 day moving average of $17.10. 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.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.Rocket Companies’s revenue was up 167.1% on a year-over-year basis. During the same period last year, the company earned $0.04 earnings per share. On average, sell-side 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.