Hsbc Holdings PLC Has $24.36 Million Stock Holdings in Rocket Companies, Inc. $RKT

Hsbc Holdings PLC lifted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 2,876.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,254,973 shares of the company’s stock after purchasing an additional 1,212,812 shares during the quarter. Hsbc Holdings PLC’s holdings in Rocket Companies were worth $24,357,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its stake in shares of Rocket Companies by 336.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 28,181 shares of the company’s stock worth $546,000 after acquiring an additional 21,727 shares during the last quarter. World Investment Advisors bought a new stake in shares of Rocket Companies during the fourth quarter valued at approximately $526,000. Corient Private Wealth LLC grew its stake in shares of Rocket Companies by 66.7% during the fourth quarter. Corient Private Wealth LLC now owns 107,493 shares of the company’s stock valued at $2,042,000 after purchasing an additional 43,022 shares during the last quarter. EMC Capital Management acquired a new stake in shares of Rocket Companies in the fourth quarter valued at approximately $774,000. Finally, Bank of Hawaii increased its holdings in shares of Rocket Companies by 101.2% in the fourth quarter. Bank of Hawaii now owns 92,777 shares of the company’s stock valued at $1,796,000 after purchasing an additional 46,672 shares in the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Down 1.2%

RKT opened at $15.58 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The company has a market cap of $44.08 billion, a price-to-earnings ratio of 311.60 and a beta of 2.16. The firm has a 50 day simple moving average of $14.20 and a 200 day simple moving average of $16.57. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36.

Rocket Companies (NYSE:RKT) last announced 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. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same period last year, the firm earned $0.04 earnings per share. The business’s revenue for the quarter was up 167.1% on a year-over-year basis. On average, sell-side analysts anticipate that Rocket Companies, Inc. will post 0.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RKT. Stephens initiated coverage on Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective on the stock. Benchmark started coverage on Rocket Companies in a research note on Monday, June 29th. They issued a “buy” rating and a $21.00 target price for the company. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. Finally, Keefe, Bruyette & Woods decreased their price target on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.87.

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.