Slotnik Capital LLC Invests $1.51 Million in Rocket Companies, Inc. $RKT

Slotnik Capital LLC bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 77,762 shares of the company’s stock, valued at approximately $1,507,000. Rocket Companies accounts for about 0.5% of Slotnik Capital LLC’s portfolio, making the stock its 19th biggest holding.

Several other large investors have also recently bought and sold shares of the stock. Royal Bank of Canada grew its position in Rocket Companies by 48.9% in the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock worth $841,000 after purchasing an additional 22,861 shares during the last quarter. Amundi raised its position in shares of Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after buying an additional 997 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Rocket Companies by 1,086.5% during the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after buying an additional 366,716 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Rocket Companies by 12.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock valued at $4,473,000 after buying an additional 40,326 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Rocket Companies by 354.1% in the second quarter. Envestnet Asset Management Inc. now owns 135,534 shares of the company’s stock valued at $1,922,000 after buying an additional 105,689 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Performance

NYSE RKT opened at $14.14 on Friday. Rocket Companies, Inc. has a twelve month low of $10.94 and a twelve month high of $24.36. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07. The stock has a market cap of $29.75 billion, a P/E ratio of -108.73 and a beta of 2.30. The company’s 50-day simple moving average is $19.22 and its 200 day simple moving average is $18.72.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company’s revenue for the quarter was up 52.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 earnings per share. As a group, research analysts forecast that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the transaction, the director owned 1,038,536 shares in the company, valued at $23,875,942.64. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 22,500 shares of company stock valued at $453,775. Corporate insiders own 92.64% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods boosted their price target on Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Barclays set a $22.00 price objective on Rocket Companies and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. JPMorgan Chase & Co. started coverage on Rocket Companies in a report on Monday, January 12th. They set a “neutral” rating and a $24.00 price objective on the stock. Jefferies Financial Group assumed coverage on Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, BTIG Research reaffirmed a “buy” rating and issued a $25.00 target price on shares of Rocket Companies in a research report on Wednesday, November 19th. Six investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and a consensus target price of $20.67.

Rocket Companies Company 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.