Hennessy Advisors Inc. Lowers Stock Position in Rocket Companies, Inc. $RKT

Hennessy Advisors Inc. lessened its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 25.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 90,000 shares of the company’s stock after selling 30,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Rocket Companies were worth $1,742,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cloud Capital Management LLC purchased a new position in shares of Rocket Companies in the third quarter valued at approximately $25,000. Pinnacle Bancorp Inc. boosted its stake in shares of Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the period. Miller Wealth Advisors LLC boosted its stake in shares of Rocket Companies by 65.0% in the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after purchasing an additional 650 shares during the period. Private Capital Management LLC purchased a new position in shares of Rocket Companies in the third quarter valued at approximately $182,000. Finally, Newbridge Financial Services Group Inc. boosted its stake in shares of Rocket Companies by 875.0% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $38,000 after purchasing an additional 1,750 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Up 3.2%

Shares of Rocket Companies stock opened at $17.16 on Tuesday. Rocket Companies, Inc. has a 52-week low of $11.08 and a 52-week high of $24.36. The company has a 50 day moving average of $15.90 and a 200 day moving average of $17.83. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $48.39 billion, a P/E ratio of -132.00 and a beta of 2.34.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RKT shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. JPMorgan Chase & Co. lowered 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 note on Thursday, April 9th. Zacks Research lowered shares of Rocket Companies from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $20.00 to $22.00 in a research note on Monday, March 16th. Finally, Compass Point started coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. Eight investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and an average price target 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.