Rocket Companies, Inc. $RKT Stock Holdings Boosted by Sei Investments Co.

Sei Investments Co. grew its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 196.1% during the 1st quarter, Holdings Channel reports. The firm owned 2,411,225 shares of the company’s stock after purchasing an additional 1,597,019 shares during the period. Sei Investments Co.’s holdings in Rocket Companies were worth $34,361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Truvestments Capital LLC acquired a new stake in shares of Rocket Companies in the fourth quarter valued at $26,000. Acumen Wealth Advisors LLC acquired a new position in Rocket Companies during the fourth quarter worth about $26,000. Pinnacle Bancorp Inc. raised its position in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after acquiring an additional 1,183 shares in the last quarter. City State Bank bought a new stake in Rocket Companies in the fourth quarter worth about $30,000. Finally, Smithfield Trust Co acquired a new stake in Rocket Companies in the 4th quarter valued at about $32,000. Institutional investors own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RKT. Stephens initiated coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective for the company. 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 report on Thursday, June 25th. Morgan Stanley raised Rocket Companies from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $18.00 to $19.00 in a report on Thursday, July 16th. Barclays cut their price objective 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, BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.73.

Rocket Companies Stock Up 3.6%

Rocket Companies stock opened at $13.53 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The firm has a fifty day moving average price of $14.05 and a two-hundred day moving average price of $15.99. The firm has a market cap of $38.27 billion, a price-to-earnings ratio of 270.50 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm’s revenue was up 167.1% compared to the same quarter last year. During the same period last year, the business posted $0.04 earnings per share. As a group, analysts forecast that Rocket Companies, Inc. will post 0.58 earnings per share for the current year.

Rocket Companies 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.