OP Asset Management Ltd Takes Position in Rocket Companies, Inc. $RKT

OP Asset Management Ltd purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 169,725 shares of the company’s stock, valued at approximately $2,419,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Truvestments Capital LLC bought a new position in shares of Rocket Companies during the 4th quarter worth approximately $26,000. Acumen Wealth Advisors LLC bought a new position in shares of Rocket Companies in the fourth quarter valued at approximately $26,000. Pinnacle Bancorp Inc. grew its holdings 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 acquiring an additional 1,183 shares in the last quarter. City State Bank purchased a new stake in shares of Rocket Companies during the fourth quarter valued at approximately $30,000. Finally, Smithfield Trust Co purchased a new stake in shares of Rocket Companies during the fourth quarter valued at approximately $32,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Performance

Shares of RKT opened at $14.97 on Friday. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36. 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 stock’s fifty day moving average price is $14.24 and its two-hundred day moving average price is $16.72. The firm has a market cap of $42.37 billion, a PE ratio of 299.50 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last posted 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 return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company earned $0.04 EPS. The firm’s quarterly revenue was up 167.1% compared to the same quarter last year. On average, equities research analysts forecast that Rocket Companies, Inc. will post 0.63 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on RKT shares. Citizens Jmp assumed coverage on Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating on the stock. 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 report on Monday, April 6th. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Finally, Wells Fargo & Company reduced their price target 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. Eight research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.86.

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.