Entropy Technologies LP Makes New $2.12 Million Investment in Rocket Companies, Inc. $RKT

Entropy Technologies LP bought a new stake in Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 109,488 shares of the company’s stock, valued at approximately $2,120,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Arax Advisory Partners lifted its holdings in Rocket Companies by 604.4% during the fourth quarter. Arax Advisory Partners now owns 17,294 shares of the company’s stock valued at $335,000 after purchasing an additional 14,839 shares during the last quarter. Basswood Capital Management L.L.C. increased its stake in shares of Rocket Companies by 1,881.3% in the fourth quarter. Basswood Capital Management L.L.C. now owns 5,475,110 shares of the company’s stock worth $105,998,000 after purchasing an additional 5,198,776 shares in the last quarter. Blue Jean Financial LLC purchased a new position in shares of Rocket Companies in the fourth quarter worth about $2,350,000. Brasada Capital Management LP bought a new stake in shares of Rocket Companies in the fourth quarter valued at approximately $4,206,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Rocket Companies during the 4th quarter valued at approximately $1,514,000. 4.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on RKT shares. Citizens Jmp started coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. dropped 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. Compass Point started coverage on Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target for the company. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their price target for the company from $22.00 to $19.00 in a research report on Monday, April 6th. Finally, Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.93.

Rocket Companies Price Performance

Rocket Companies stock opened at $13.95 on Tuesday. The stock has a market cap of $39.47 billion, a price-to-earnings ratio of 279.02 and a beta of 2.19. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The business has a 50-day simple moving average of $14.41 and a 200 day simple moving average of $17.05. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36.

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, beating the consensus estimate of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company’s revenue was up 167.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 EPS. On average, research analysts forecast that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

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.