Entropy Technologies LP Takes Position in Rocket Companies, Inc. $RKT

Entropy Technologies LP bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 109,488 shares of the company’s stock, valued at approximately $2,120,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RKT. ORG Partners LLC grew its stake in Rocket Companies by 22.3% during the fourth quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock worth $55,000 after purchasing an additional 520 shares during the period. Manchester Capital Management LLC grew its holdings in Rocket Companies by 0.5% in the fourth quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after purchasing an additional 618 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Rocket Companies by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock valued at $365,000 after purchasing an additional 636 shares in the last quarter. Composition Wealth LLC increased its stake in Rocket Companies by 2.7% in the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after purchasing an additional 668 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Rocket Companies by 26.1% during the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after purchasing an additional 677 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $13.95 on Tuesday. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a market cap of $39.47 billion, a PE ratio of 279.02 and a beta of 2.19. The stock’s fifty day simple moving average is $14.41 and its two-hundred day simple moving average is $17.05. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36.

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RKT shares. JPMorgan Chase & Co. cut their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Wells Fargo & Company dropped 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. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Finally, Citizens Jmp assumed coverage on Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating for the company. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Rocket Companies currently has an average rating of “Moderate Buy” and a consensus price target of $20.93.

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.