152,500 Shares in Rocket Companies, Inc. $RKT Bought by Gabelli Funds LLC

Gabelli Funds LLC purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the 1st quarter, HoldingsChannel reports. The firm purchased 152,500 shares of the company’s stock, valued at approximately $2,173,000.

A number of other hedge funds also recently bought and sold shares of RKT. Vanguard Group Inc. boosted its stake in shares of 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 buying an additional 64,311,040 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Rocket Companies by 11,636.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after buying an additional 25,966,725 shares during the period. Morgan Stanley increased its stake in shares of Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after buying an additional 22,196,782 shares during the period. State Street Corp raised its holdings in Rocket Companies by 323.9% in the fourth quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after acquiring an additional 15,807,776 shares in the last quarter. Finally, ValueAct Holdings L.P. raised its holdings in Rocket Companies by 55.1% in the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after acquiring an additional 13,985,025 shares in the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $13.69 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current 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 market capitalization of $38.75 billion, a PE ratio of 273.88 and a beta of 2.16. The stock’s 50-day simple moving average is $14.08 and its 200-day simple moving average is $15.89.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion during 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 quarterly revenue was up 167.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 earnings per share. As a group, equities research analysts forecast that Rocket Companies, Inc. will post 0.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research note on Thursday, April 9th. Benchmark began coverage on shares of Rocket Companies in a research report on Monday, June 29th. They issued a “buy” rating and a $21.00 price objective on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Rocket Companies from $16.00 to $15.50 and set a “neutral” rating on the stock in a report on Monday, July 13th. Keefe, Bruyette & Woods decreased their price objective on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th. Finally, BTIG Research reiterated 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 issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.73.

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.