Pinnbrook Capital Management LP Reduces Stake in Rocket Companies, Inc. $RKT

Pinnbrook Capital Management LP lowered its stake in Rocket Companies, Inc. (NYSE:RKT – Free Report) by 65.3% in the 4th quarter, HoldingsChannel reports. The fund owned 102,071 shares of the company’s stock after selling 192,010 shares during the period. Pinnbrook Capital Management LP’s holdings in Rocket Companies were worth $1,976,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after acquiring an additional 64,311,040 shares in the last quarter. ValueAct Holdings L.P. grew its position in Rocket Companies by 67.9% in the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after acquiring an additional 10,270,018 shares in the last quarter. Durable Capital Partners LP purchased a new position in shares of Rocket Companies during the third quarter valued at approximately $213,010,000. Wellington Management Group LLP boosted its position in shares of Rocket Companies by 30.6% during the third quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company’s stock valued at $122,060,000 after buying an additional 1,474,040 shares during the period. Finally, Fred Alger Management LLC boosted its position in shares of Rocket Companies by 7,412.6% during the third quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock valued at $117,807,000 after buying an additional 5,997,885 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

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Rocket Companies Stock Up 1.5%

Shares of NYSE RKT opened at $13.84 on Friday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The firm has a market capitalization of $39.01 billion, a price-to-earnings ratio of 276.70 and a beta of 2.23. The stock has a 50 day moving average price of $14.67 and a 200 day moving average price of $17.47. Rocket Companies, Inc. has a 52-week low of $12.03 and a 52-week high of $24.36.

Rocket Companies (NYSE:RKT – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 earnings per share. Sell-side analysts expect that Rocket Companies, Inc. will post 0.63 earnings per share for the current year.

Analyst Ratings Changes

RKT has been the subject of several recent analyst reports. Stephens initiated coverage on Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price for the company. JPMorgan Chase & Co. dropped their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Wells Fargo & Company dropped their target price on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. Finally, Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.93.

Read Our Latest Analysis on RKT

Rocket Companies Profile

(Free Report)

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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