Thames Capital Management LLC Sells 167,344 Shares of Rocket Companies, Inc. $RKT

Thames Capital Management LLC reduced its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 15.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 938,659 shares of the company’s stock after selling 167,344 shares during the quarter. Rocket Companies accounts for approximately 2.6% of Thames Capital Management LLC’s portfolio, making the stock its 15th largest holding. Thames Capital Management LLC’s holdings in Rocket Companies were worth $18,172,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of RKT. Vanguard Group Inc. grew its stake in shares of Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after buying an additional 64,311,040 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Rocket Companies by 265.0% during the fourth quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock valued at $299,939,000 after buying an additional 11,282,009 shares during the last quarter. Durable Capital Partners LP bought a new position in shares of Rocket Companies during the third quarter valued at about $213,010,000. ValueAct Holdings L.P. grew its stake in shares of Rocket Companies by 67.9% during the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after buying an additional 10,270,018 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Rocket Companies during the fourth quarter valued at about $144,207,000. 4.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RKT. Wells Fargo & Company reduced their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods dropped their target price on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Finally, Barclays upgraded shares of 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 report on Monday, April 6th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Stock Performance

Shares of RKT opened at $14.52 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies, Inc. has a one year low of $12.25 and a one year high of $24.36. The company has a 50-day simple moving average of $14.61 and a two-hundred day simple moving average of $17.37. The firm has a market capitalization of $41.08 billion, a PE ratio of 290.36 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the business posted $0.04 earnings per share. Rocket Companies’s quarterly revenue was up 167.1% compared to the same quarter last year. On average, analysts anticipate that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

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.