SG Americas Securities LLC Has $1.86 Million Stock Holdings in Rocket Companies, Inc. $RKT

SG Americas Securities LLC trimmed its position in Rocket Companies, Inc. (NYSE:RKT) by 27.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,405 shares of the company’s stock after selling 49,031 shares during the period. SG Americas Securities LLC’s holdings in Rocket Companies were worth $1,858,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. acquired a new position in Rocket Companies during the fourth quarter worth $40,455,000. Baker Chad R acquired a new position in shares of Rocket Companies during the fourth quarter valued at about $1,926,000. Vanguard Group Inc. increased its position in shares of Rocket Companies by 280.3% during 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. Hudson Bay Capital Management LP bought a new stake in shares of Rocket Companies during the third quarter worth about $13,728,000. Finally, Prescott Group Capital Management L.L.C. bought a new stake in shares of Rocket Companies during the fourth quarter worth about $4,259,000. Institutional investors own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Compass Point started coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. Keefe, Bruyette & Woods decreased their price objective on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Stephens initiated coverage on Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective for the company. Citizens Jmp began coverage on Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Finally, JPMorgan Chase & Co. cut their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.87.

Rocket Companies Stock Performance

Shares of RKT stock opened at $15.72 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The firm has a 50-day moving average of $14.19 and a 200-day moving average of $16.61. Rocket Companies, Inc. has a one year low of $12.17 and a one year high of $24.36. The company has a market cap of $44.49 billion, a P/E ratio of 314.46 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results 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. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the previous year, the company earned $0.04 earnings per share. The firm’s revenue for the quarter was up 167.1% compared to the same quarter last year. Equities research analysts forecast that Rocket Companies, Inc. will post 0.63 EPS 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.