Clearline Capital LP Purchases 360,000 Shares of Rocket Companies, Inc. $RKT

Clearline Capital LP lifted its stake in Rocket Companies, Inc. (NYSE:RKT) by 439.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 441,955 shares of the company’s stock after purchasing an additional 360,000 shares during the period. Clearline Capital LP’s holdings in Rocket Companies were worth $8,556,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Truvestments Capital LLC bought a new position in shares of Rocket Companies in the 4th quarter worth $26,000. Acumen Wealth Advisors LLC bought a new position in shares of Rocket Companies in the 4th quarter worth $26,000. Pinnacle Bancorp Inc. boosted its position in shares of Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank bought a new position in shares of Rocket Companies in the 4th quarter worth $30,000. Finally, Smithfield Trust Co bought a new position in shares of Rocket Companies in the 4th quarter worth $32,000. 4.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RKT has been the topic of several recent research reports. Stephens initiated coverage on Rocket Companies in a research report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price target on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research note on Monday, May 11th. 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. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. Finally, 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. Eight analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and an average target price of $20.93.

Rocket Companies Stock Performance

Shares of Rocket Companies stock opened at $13.17 on Thursday. The company has a market capitalization of $37.27 billion, a PE ratio of 263.48 and a beta of 2.19. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock’s fifty day simple moving average is $14.36 and its 200 day simple moving average is $16.96.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the business posted $0.04 EPS. The firm’s revenue was up 167.1% compared to the same quarter last year. On average, research analysts predict that Rocket Companies, Inc. will post 0.65 EPS for the current year.

About Rocket Companies

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.