Burney Co. Trims Stock Position in Rocket Companies, Inc. $RKT

Burney Co. lessened its stake in Rocket Companies, Inc. (NYSE:RKT) by 92.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 25,148 shares of the company’s stock after selling 288,065 shares during the period. Burney Co.’s holdings in Rocket Companies were worth $358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Rocket Companies Stock Performance

Shares of RKT stock opened at $14.41 on Friday. The stock has a market capitalization of $40.77 billion, a PE ratio of 288.20 and a beta of 2.16. Rocket Companies, Inc. has a 52-week low of $12.17 and a 52-week high of $24.36. The stock’s 50-day moving average price is $14.14 and its 200 day moving average price is $16.47. 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 posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share 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 company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period last year, the firm earned $0.04 EPS. The firm’s revenue for the quarter was up 167.1% on a year-over-year basis. As a group, equities research analysts forecast that Rocket Companies, Inc. will post 0.61 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. BTIG Research reiterated a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Stephens initiated coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. Barclays cut their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday. Wells Fargo & Company reduced their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. Finally, Benchmark initiated coverage on shares of Rocket Companies in a research note on Monday, June 29th. They set a “buy” rating and a $21.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.73.

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.