Public Employees Retirement System of Ohio Boosts Stake in Rocket Companies, Inc. $RKT

Public Employees Retirement System of Ohio boosted its stake in Rocket Companies, Inc. (NYSE:RKT) by 7.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 561,187 shares of the company’s stock after purchasing an additional 39,631 shares during the period. Public Employees Retirement System of Ohio’s holdings in Rocket Companies were worth $7,997,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RKT. ORG Partners LLC lifted its stake in Rocket Companies by 22.3% during the fourth quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock worth $55,000 after purchasing an additional 520 shares in the last quarter. Manchester Capital Management LLC lifted its stake in Rocket Companies by 0.5% during the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after acquiring an additional 618 shares in the last quarter. Composition Wealth LLC boosted its holdings in Rocket Companies by 2.7% during the 4th quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after acquiring an additional 668 shares during the period. Parallel Advisors LLC boosted its holdings in Rocket Companies by 26.1% during the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after acquiring an additional 677 shares during the period. Finally, Red Door Wealth Management LLC grew its position in Rocket Companies by 6.7% in the 1st quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock valued at $159,000 after acquiring an additional 698 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $13.53 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The company has a market cap of $38.27 billion, a price-to-earnings ratio of 270.50 and a beta of 2.16. The stock’s 50-day moving average is $14.05 and its two-hundred day moving average is $15.99. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the business posted $0.04 EPS. The business’s quarterly revenue was up 167.1% compared to the same quarter last year. Analysts forecast that Rocket Companies, Inc. will post 0.58 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on RKT shares. Keefe, Bruyette & Woods cut their price target on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, June 25th. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Morgan Stanley raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $18.00 to $19.00 in a research note on Thursday, July 16th. Stephens initiated coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. Finally, Benchmark started coverage on shares of Rocket Companies in a research report on Monday, June 29th. They issued a “buy” rating and a $21.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.73.

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.