Triasima Portfolio Management inc. Acquires 43,410 Shares of Rocket Companies, Inc. $RKT

Triasima Portfolio Management inc. raised its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 27.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 200,680 shares of the company’s stock after purchasing an additional 43,410 shares during the quarter. Triasima Portfolio Management inc.’s holdings in Rocket Companies were worth $3,885,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in RKT. Vanguard Group Inc. raised its stake in shares of Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after acquiring an additional 64,311,040 shares during the period. Durable Capital Partners LP purchased a new stake in shares of Rocket Companies in the third quarter valued at $213,010,000. ValueAct Holdings L.P. raised its stake in shares of Rocket Companies by 67.9% in the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after acquiring an additional 10,270,018 shares during the period. Fred Alger Management LLC raised its stake in shares of Rocket Companies by 7,412.6% in the third quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock valued at $117,807,000 after acquiring an additional 5,997,885 shares during the period. Finally, Alyeska Investment Group L.P. raised its stake in shares of Rocket Companies by 229.5% in the third quarter. Alyeska Investment Group L.P. now owns 3,274,519 shares of the company’s stock valued at $63,460,000 after acquiring an additional 2,280,631 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on RKT shares. JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Wells Fargo & Company reduced their target price on shares of 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. Zacks Research downgraded shares of Rocket Companies from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. Compass Point started coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and increased their target price for the company from $20.00 to $22.00 in a research note on Monday, March 16th. Nine research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.40.

Rocket Companies Trading Up 0.1%

RKT stock opened at $14.65 on Monday. The company has a market capitalization of $41.31 billion, a PE ratio of -112.70 and a beta of 2.23. Rocket Companies, Inc. has a 12 month low of $11.08 and a 12 month high of $24.36. The firm’s 50-day moving average is $15.36 and its 200 day moving average is $17.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.09 by $0.02. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The firm’s revenue was up 52.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 EPS. On average, research analysts anticipate that Rocket Companies, Inc. will post 0.65 EPS for the current year.

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.