971,564 Shares in Rocket Companies, Inc. $RKT Purchased by Alta Park Capital LP

Alta Park Capital LP acquired a new position in shares of Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 971,564 shares of the company’s stock, valued at approximately $18,809,000. Rocket Companies accounts for 2.3% of Alta Park Capital LP’s investment portfolio, making the stock its 23rd biggest holding.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of 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 buying an additional 5,226,931 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of Rocket Companies during the 4th quarter worth approximately $40,455,000. Baker Chad R bought a new position in shares of Rocket Companies during the 4th quarter worth approximately $1,926,000. Hudson Bay Capital Management LP bought a new position in shares of Rocket Companies during the 3rd quarter worth approximately $13,728,000. Finally, Prescott Group Capital Management L.L.C. bought a new position in shares of Rocket Companies during the 4th quarter worth approximately $4,259,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Stock Performance

NYSE:RKT opened at $13.17 on Thursday. The business has a 50 day moving average of $14.36 and a 200 day moving average of $16.96. The company has a market capitalization of $37.27 billion, a price-to-earnings ratio of 263.48 and a beta of 2.19. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36. 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 (NYSE:RKT) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.Rocket Companies’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 EPS. On average, sell-side analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RKT shares. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $20.00 target price on shares of Rocket Companies in a report on Monday, May 11th. Keefe, Bruyette & Woods decreased their target price on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $22.00 to $19.00 in a research report on Monday, April 6th. JPMorgan Chase & Co. decreased their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 9th. Finally, Stephens started coverage on Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective for the company. Eight investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, Rocket Companies currently has an average rating of “Hold” and a consensus target price of $20.93.

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.