117,473 Shares in Rocket Companies, Inc. $RKT Bought by PFG Advisors

PFG Advisors acquired a new position in shares of Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 117,473 shares of the company’s stock, valued at approximately $2,274,000.

A number of other institutional investors have also made changes to their positions in the stock. ValueAct Holdings L.P. grew its stake in shares of Rocket Companies by 67.9% during the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after purchasing an additional 10,270,018 shares during the period. Vanguard Group Inc. grew its stake in shares of Rocket Companies by 29.5% during the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after purchasing an additional 5,226,931 shares during the period. Durable Capital Partners LP acquired a new stake in shares of Rocket Companies during the third quarter worth $213,010,000. Wellington Management Group LLP grew its stake 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 worth $122,060,000 after purchasing an additional 1,474,040 shares during the period. Finally, Fred Alger Management LLC grew its stake 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 worth $117,807,000 after purchasing an additional 5,997,885 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RKT. Compass Point began coverage on Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Wells Fargo & Company decreased their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. 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 note on Monday, April 6th. Finally, JPMorgan Chase & Co. decreased their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Eight equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $20.25.

Rocket Companies Stock Performance

Shares of Rocket Companies stock opened at $15.93 on Wednesday. The firm has a market cap of $44.92 billion, a price-to-earnings ratio of -122.53 and a beta of 2.34. The stock’s 50-day moving average is $15.82 and its 200-day moving average is $17.81. Rocket Companies, Inc. has a one year low of $11.08 and a one year high of $24.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90.

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

Rocket Companies 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.