Lingotto Investment Management LLP Invests $5.81 Million in Rocket Companies, Inc. $RKT

Lingotto Investment Management LLP bought a new position in Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 299,900 shares of the company’s stock, valued at approximately $5,806,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RKT. Vanguard Group Inc. increased its position in shares of Rocket Companies by 280.3% during the 4th 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. ValueAct Holdings L.P. increased its position in shares of Rocket Companies by 67.9% during the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after purchasing an additional 10,270,018 shares during the last quarter. Geode Capital Management LLC grew its position in Rocket Companies by 265.0% during the fourth quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock valued at $299,939,000 after buying an additional 11,282,009 shares during the period. Durable Capital Partners LP bought a new position in Rocket Companies during the third quarter valued at about $213,010,000. Finally, Norges Bank bought a new position in Rocket Companies during the fourth quarter valued at about $144,207,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Down 2.2%

Shares of RKT stock opened at $14.19 on Tuesday. The company’s fifty day simple moving average is $14.60 and its two-hundred day simple moving average is $17.35. 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 $12.25 and a 1 year high of $24.36. The stock has a market capitalization of $40.14 billion, a price-to-earnings ratio of 283.76 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the firm posted $0.04 EPS. The business’s revenue for the quarter was up 167.1% compared to the same quarter last year. As a group, analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on RKT. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. reduced their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Wells Fargo & Company dropped their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Finally, Keefe, Bruyette & Woods dropped their price objective on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average price target of $20.93.

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.