Rocket Companies, Inc. $RKT Stock Position Raised by Maple Rock Capital Partners Inc.

Maple Rock Capital Partners Inc. boosted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 76.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,543,600 shares of the company’s stock after acquiring an additional 2,410,400 shares during the period. Rocket Companies comprises about 1.7% of Maple Rock Capital Partners Inc.’s investment portfolio, making the stock its 17th biggest holding. Maple Rock Capital Partners Inc.’s holdings in Rocket Companies were worth $87,312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in RKT. Manchester Capital Management LLC raised its position in shares of Rocket Companies by 0.5% during the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after purchasing an additional 618 shares during the period. Composition Wealth LLC boosted its position in Rocket Companies by 2.7% during the 4th quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after purchasing an additional 668 shares during the period. Parallel Advisors LLC grew its stake in Rocket Companies by 26.1% during the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock worth $63,000 after buying an additional 677 shares during the last quarter. Red Door Wealth Management LLC increased its position in Rocket Companies by 6.7% in the first quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock worth $159,000 after buying an additional 698 shares during the period. Finally, NewEdge Wealth LLC lifted its stake in Rocket Companies by 5.7% in the fourth quarter. NewEdge Wealth LLC now owns 13,204 shares of the company’s stock valued at $256,000 after buying an additional 707 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

Rocket Companies Stock Performance

RKT stock opened at $13.39 on Tuesday. The company has a market capitalization of $37.92 billion, a P/E ratio of 95.64 and a beta of 2.19. The company has a 50-day simple moving average of $14.24 and a 200 day simple moving average of $14.73. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.81 billion. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. Rocket Companies’s revenue was up 91.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 EPS. Sell-side analysts predict that Rocket Companies, Inc. will post 0.53 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on RKT. Stephens lowered their price target on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Wells Fargo & Company dropped their price target on shares of Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. JPMorgan Chase & Co. cut their price target on Rocket Companies from $15.50 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Benchmark reduced their price objective on Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Finally, BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Ten analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.87.

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.