Pinnbrook Capital Management LP Takes $5.70 Million Position in Rocket Companies, Inc. $RKT

Pinnbrook Capital Management LP bought a new stake in Rocket Companies, Inc. (NYSE:RKT) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 294,081 shares of the company’s stock, valued at approximately $5,699,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after purchasing an additional 5,226,931 shares in the last quarter. Boston Partners increased its position in shares of Rocket Companies by 6.2% during the 2nd quarter. Boston Partners now owns 14,560,706 shares of the company’s stock worth $206,610,000 after purchasing an additional 856,367 shares during the last quarter. Third Point LLC bought a new stake in shares of Rocket Companies during the 2nd quarter worth approximately $67,355,000. Broad Bay Capital Management LP bought a new stake in shares of Rocket Companies during the 2nd quarter worth approximately $51,585,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Rocket Companies by 23.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,730,504 shares of the company’s stock valued at $38,723,000 after buying an additional 517,684 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. The trade was a 0.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 22,500 shares of company stock worth $453,775. Insiders own 92.64% of the company’s stock.

Rocket Companies Stock Down 3.1%

RKT opened at $14.14 on Friday. The stock’s fifty day simple moving average is $19.22 and its 200 day simple moving average is $18.72. Rocket Companies, Inc. has a 1-year low of $10.94 and a 1-year high of $24.36. The stock has a market cap of $29.75 billion, a PE ratio of -108.73 and a beta of 2.30. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07.

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. assumed coverage on shares of Rocket Companies in a research note on Monday, January 12th. They issued a “neutral” rating and a $24.00 target price for the company. Compass Point assumed coverage on shares of Rocket Companies in a research note on Tuesday. They issued a “buy” rating and a $21.00 price target for the company. Jefferies Financial Group started coverage on shares of Rocket Companies in a research report on Friday, December 19th. They issued a “buy” rating and a $25.00 price objective for the company. Barclays set a $22.00 price objective on shares of Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $20.67.

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.