Rocket Companies, Inc. $RKT Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. reduced its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 25.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 90,000 shares of the company’s stock after selling 30,000 shares during the period. Hennessy Advisors Inc.’s holdings in Rocket Companies were worth $1,742,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RKT. Royal Bank of Canada increased its position in Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock worth $841,000 after purchasing an additional 22,861 shares during the last quarter. Amundi increased its position in Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after purchasing an additional 997 shares during the last quarter. AQR Capital Management LLC increased its position in Rocket Companies by 1,086.5% during the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after purchasing an additional 366,716 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Rocket Companies by 12.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after purchasing an additional 40,326 shares during the last quarter. Finally, Creative Planning increased its position in Rocket Companies by 17.2% during the second quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after purchasing an additional 2,679 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Trading Up 3.2%

Shares of RKT stock opened at $17.16 on Tuesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. The firm has a market cap of $48.39 billion, a PE ratio of -132.00 and a beta of 2.34. The company has a 50-day moving average of $15.90 and a two-hundred day moving average of $17.83. Rocket Companies, Inc. has a 1-year low of $11.08 and a 1-year high of $24.36.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. Rocket Companies’s revenue was up 52.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 earnings per share. On average, analysts predict that Rocket Companies, Inc. will post 0.66 EPS for the current year.

Analyst Ratings Changes

RKT has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price objective 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. Wells Fargo & Company cut their price objective on shares of 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. Citizens Jmp initiated coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Finally, Zacks Research lowered shares of Rocket Companies from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. Eight analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.25.

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.