Delta Global Management LP Sells 399,081 Shares of Rocket Companies, Inc. $RKT

Delta Global Management LP reduced its position in Rocket Companies, Inc. (NYSE:RKT) by 33.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 808,084 shares of the company’s stock after selling 399,081 shares during the quarter. Delta Global Management LP’s holdings in Rocket Companies were worth $15,645,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after purchasing an additional 64,311,040 shares during the last quarter. Nuveen LLC raised its stake in shares of Rocket Companies by 5.5% in the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after acquiring an additional 1,706,659 shares during the period. Morgan Stanley raised its stake in shares of Rocket Companies by 461.2% in the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after acquiring an additional 22,196,782 shares during the period. ValueAct Holdings L.P. raised its stake in shares of Rocket Companies by 67.9% in the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after acquiring an additional 10,270,018 shares during the period. Finally, State Street Corp raised its stake in shares of Rocket Companies by 323.9% in the fourth quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after acquiring an additional 15,807,776 shares during the period. 4.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on RKT shares. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Citizens Jmp started coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Eight research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, Rocket Companies has an average rating of “Hold” and an average price target of $20.93.

Rocket Companies Stock Up 6.7%

Shares of Rocket Companies stock opened at $13.95 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36. The firm’s 50-day moving average is $14.41 and its two-hundred day moving average is $17.05. The stock has a market cap of $39.47 billion, a price-to-earnings ratio of 279.02 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company’s quarterly revenue was up 167.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.04 earnings per share. As a group, research analysts expect that Rocket Companies, Inc. will post 0.65 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.