Hsbc Holdings PLC Increases Position in Rocket Companies, Inc. $RKT

Hsbc Holdings PLC lifted its position in Rocket Companies, Inc. (NYSE:RKT) by 2,876.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,254,973 shares of the company’s stock after acquiring an additional 1,212,812 shares during the period. Hsbc Holdings PLC owned 0.06% of Rocket Companies worth $24,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RKT. Vanguard Group Inc. raised its position in shares of Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after acquiring an additional 5,226,931 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Rocket Companies during the 4th quarter valued at about $40,455,000. Baker Chad R purchased a new position in shares of Rocket Companies in the 4th quarter valued at about $1,926,000. Hudson Bay Capital Management LP purchased a new position in shares of Rocket Companies in the 3rd quarter valued at about $13,728,000. Finally, Prescott Group Capital Management L.L.C. acquired a new position in Rocket Companies in the 4th quarter worth about $4,259,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on RKT. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Compass Point began coverage on Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price for the company. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. JPMorgan Chase & Co. dropped their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Finally, Citizens Jmp started coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating for the company. Eight analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and an average price target of $20.93.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $14.67 on Thursday. The business has a 50 day simple moving average of $14.27 and a two-hundred day simple moving average of $16.76. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The stock has a market capitalization of $41.52 billion, a P/E ratio of 293.48 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37.

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. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the previous year, the company posted $0.04 earnings per share. The business’s revenue was up 167.1% on a year-over-year basis. As a group, analysts predict that Rocket Companies, Inc. will post 0.63 EPS for the current fiscal year.

Rocket Companies 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.