Lone Peak Global Investors LLC grew its stake in Rocket Companies, Inc. (NYSE:RKT – Free Report) by 6.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,639,991 shares of the company’s stock after purchasing an additional 95,271 shares during the period. Rocket Companies comprises approximately 3.6% of Lone Peak Global Investors LLC’s holdings, making the stock its 10th largest position. Lone Peak Global Investors LLC’s holdings in Rocket Companies were worth $25,830,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Truvestments Capital LLC bought a new position in shares of Rocket Companies during the 4th quarter valued at approximately $26,000. Acumen Wealth Advisors LLC bought a new stake in Rocket Companies in the fourth quarter worth $26,000. Smithfield Trust Co purchased a new position in Rocket Companies during the fourth quarter worth $32,000. Key Financial Inc purchased a new position in Rocket Companies during the fourth quarter worth $32,000. Finally, Cassaday & Co Wealth Management LLC bought a new position in Rocket Companies during the first quarter valued at $34,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms recently commented on RKT. Benchmark dropped their price target on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Weiss Ratings lowered Rocket Companies from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Barclays cut their target price on Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 7th. BTIG Research reiterated a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $16.00 target price (up from $15.00) on shares of Rocket Companies in a research note on Wednesday, August 12th. Ten analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Rocket Companies currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.87.
Rocket Companies Stock Down 3.1%
Shares of NYSE:RKT opened at $13.00 on Wednesday. Rocket Companies, Inc. has a 52-week low of $12.17 and a 52-week high of $24.36. The stock has a market cap of $36.81 billion, a P/E ratio of 92.86 and a beta of 2.20. The business’s 50 day moving average is $14.23 and its 200 day moving average is $14.69. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16.
Rocket Companies (NYSE:RKT – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.Rocket Companies’s quarterly revenue was up 91.9% on a year-over-year basis. During the same period last year, the business posted $0.04 EPS. Sell-side analysts predict that Rocket Companies, Inc. will post 0.53 EPS for the current year.
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.
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