Clearline Capital LP Sells 600,321 Shares of Rocket Companies, Inc. $RKT

Clearline Capital LP reduced its position in Rocket Companies, Inc. (NYSE:RKT) by 88.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 81,955 shares of the company’s stock after selling 600,321 shares during the quarter. Clearline Capital LP’s holdings in Rocket Companies were worth $1,588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in RKT. Cloud Capital Management LLC bought a new stake in shares of Rocket Companies during the 3rd quarter worth approximately $25,000. Miller Wealth Advisors LLC increased its stake in Rocket Companies by 65.0% in the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after acquiring an additional 650 shares during the last quarter. Geneos Wealth Management Inc. bought a new position in Rocket Companies in the third quarter valued at approximately $38,000. Newbridge Financial Services Group Inc. raised its position in Rocket Companies by 875.0% during the third quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $38,000 after purchasing an additional 1,750 shares in the last quarter. Finally, CX Institutional acquired a new position in Rocket Companies during the third quarter valued at approximately $39,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. BTIG Research reaffirmed a “buy” rating and issued a $25.00 target price on shares of Rocket Companies in a report on Wednesday, November 19th. JPMorgan Chase & Co. initiated coverage on Rocket Companies in a report on Monday, January 12th. They set a “neutral” rating and a $24.00 price target for the company. Keefe, Bruyette & Woods upped their price objective on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Compass Point started coverage on Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, Wells Fargo & Company lifted their target price on Rocket Companies from $17.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, February 27th. Six equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Rocket Companies currently has an average rating of “Hold” and an average price target of $20.67.

Rocket Companies Price Performance

Shares of RKT opened at $14.14 on Friday. 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 PE ratio of -108.73 and a beta of 2.30. Rocket Companies, Inc. has a 12-month low of $10.94 and a 12-month high of $24.36. The business has a 50-day simple moving average of $19.22 and a two-hundred day simple moving average of $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, beating analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period last year, the firm posted $0.04 earnings per share. The business’s revenue for the quarter was up 52.2% on a year-over-year basis. Analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the sale, the director directly 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 at this hyperlink. In the last 90 days, insiders have sold 22,500 shares of company stock worth $453,775. 92.64% of the stock is owned by company insiders.

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.