VELA Investment Management LLC Makes New $834,000 Investment in Rocket Companies, Inc. $RKT

VELA Investment Management LLC bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, Holdings Channel reports. The firm bought 43,087 shares of the company’s stock, valued at approximately $834,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cloud Capital Management LLC acquired a new position in Rocket Companies during the third quarter worth about $25,000. Pinnacle Bancorp Inc. grew its position in Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after buying an additional 1,183 shares during the period. City State Bank acquired a new position in Rocket Companies during the fourth quarter worth about $30,000. Miller Wealth Advisors LLC grew its position in Rocket Companies by 65.0% during the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after buying an additional 650 shares during the period. Finally, Private Capital Management LLC acquired a new position in Rocket Companies during the third quarter worth about $182,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RKT has been the topic of several recent analyst reports. Citizens Jmp initiated coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. lowered their target price on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $20.00 to $22.00 in a research report on Monday, March 16th. Finally, Compass Point initiated coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.40.

Rocket Companies Stock Up 0.2%

RKT stock opened at $14.65 on Friday. The company’s 50 day simple moving average is $15.36 and its 200-day simple moving average is $17.74. The firm has a market capitalization of $41.31 billion, a PE ratio of -112.70 and a beta of 2.23. Rocket Companies, Inc. has a 12 month low of $11.08 and a 12 month high of $24.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company’s quarterly revenue was up 52.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.04 earnings per share. Equities analysts expect that Rocket Companies, Inc. will post 0.65 earnings per share 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.