Oppenheimer & Co. Inc. cut its holdings in Rocket Companies, Inc. (NYSE:RKT – Free Report) by 83.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,811 shares of the company’s stock after selling 52,854 shares during the period. Oppenheimer & Co. Inc.’s holdings in Rocket Companies were worth $209,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in RKT. Cloud Capital Management LLC bought a new position in shares of Rocket Companies during the third quarter valued at about $25,000. Pinnacle Bancorp Inc. lifted its stake in shares of Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after acquiring an additional 1,183 shares during the last quarter. City State Bank bought a new stake in shares of Rocket Companies in the 4th quarter valued at about $30,000. Geneos Wealth Management Inc. purchased a new stake in Rocket Companies during the 3rd quarter valued at about $38,000. Finally, Sound Income Strategies LLC grew its position in Rocket Companies by 354.8% during the 4th quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock worth $38,000 after acquiring an additional 1,540 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
RKT has been the topic of a number of analyst reports. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 target price on shares of Rocket Companies in a report on Monday. Wells Fargo & Company decreased their target price on shares of 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. Compass Point began coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target for the company. Finally, JPMorgan Chase & Co. dropped their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Nine investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and a consensus price target of $21.00.
Rocket Companies Stock Down 5.4%
Shares of NYSE:RKT opened at $14.84 on Tuesday. The stock’s 50-day moving average is $15.07 and its 200 day moving average is $17.67. The company has a market cap of $41.85 billion, a PE ratio of 296.82 and a beta of 2.23. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 70.90. Rocket Companies, Inc. has a 1 year low of $11.20 and a 1 year high of $24.36.
Rocket Companies (NYSE:RKT – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business’s revenue was up 167.1% on a year-over-year basis. During the same quarter last year, the business posted $0.04 EPS. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.63 EPS for the current 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.
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