Rocket Companies, Inc. $RKT Shares Sold by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd trimmed its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 41.9% in the 1st quarter, Holdings Channel reports. The firm owned 450,557 shares of the company’s stock after selling 325,353 shares during the period. Mediolanum International Funds Ltd’s holdings in Rocket Companies were worth $6,078,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. ValueAct Holdings L.P. grew its holdings in shares of Rocket Companies by 55.1% during the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after buying an additional 13,985,025 shares in the last quarter. Nuveen LLC grew its holdings in shares of Rocket Companies by 5.5% during the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after buying an additional 1,706,659 shares in the last quarter. Morgan Stanley raised its position in shares of Rocket Companies by 461.2% in the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after buying an additional 22,196,782 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Rocket Companies by 11,636.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after buying an additional 25,966,725 shares during the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Price Performance

Rocket Companies stock opened at $13.97 on Tuesday. 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 company has a 50-day moving average price of $14.11 and a 200 day moving average price of $16.23. Rocket Companies, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36. The stock has a market cap of $39.54 billion, a P/E ratio of 279.48 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the previous year, the business posted $0.04 EPS. Rocket Companies’s revenue was up 167.1% on a year-over-year basis. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, June 25th. Stephens started coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 target price on the stock. Morgan Stanley upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $18.00 to $19.00 in a report on Thursday, July 16th. Barclays dropped their price target on Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Rocket Companies presently has an average rating of “Moderate Buy” and an average target price of $20.73.

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.