Rocket Companies, Inc. $RKT is Wolf Hill Capital Management LP’s 9th Largest Position

Wolf Hill Capital Management LP trimmed its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 27.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,517,998 shares of the company’s stock after selling 963,870 shares during the quarter. Rocket Companies comprises approximately 4.5% of Wolf Hill Capital Management LP’s holdings, making the stock its 9th largest holding. Wolf Hill Capital Management LP’s holdings in Rocket Companies were worth $48,799,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Royal Bank of Canada raised its holdings 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 worth $841,000 after purchasing an additional 22,861 shares during the last quarter. Amundi boosted its holdings in Rocket Companies by 3.1% in the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after purchasing an additional 997 shares during the last quarter. AQR Capital Management LLC grew its position 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 purchasing an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in 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 worth $4,473,000 after purchasing an additional 40,326 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in shares of Rocket Companies by 354.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 135,534 shares of the company’s stock valued at $1,922,000 after buying an additional 105,689 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

Shares of NYSE:RKT traded down $0.03 during trading on Friday, reaching $14.55. 3,606,139 shares of the company’s stock traded hands, compared to its average volume of 32,057,262. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07. Rocket Companies, Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $24.36. The company has a 50-day simple moving average of $19.34 and a 200-day simple moving average of $18.75. The firm has a market cap of $30.63 billion, a PE ratio of -112.04 and a beta of 2.30.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the prior year, the business posted $0.04 earnings per share. Rocket Companies’s revenue for the quarter was up 52.2% on a year-over-year basis. As a group, analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Barclays set a $22.00 price target on Rocket Companies and gave the company an “equal weight” rating in a research report on Tuesday, January 6th. Oppenheimer assumed coverage on Rocket Companies in a report on Thursday, November 13th. They issued an “outperform” rating and a $25.00 price target for the company. Jefferies Financial Group initiated coverage on shares of Rocket Companies in a research note on Friday, December 19th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, JPMorgan Chase & Co. started coverage on shares of Rocket Companies in a report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $20.67.

Insider Buying and Selling at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the transaction, the director owned 1,038,536 shares in the company, valued at $23,875,942.64. This trade represents a 0.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders sold 22,500 shares of company stock worth $453,775. Corporate insiders own 92.64% of the company’s stock.

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.