Nicholas Investment Partners LP Acquires 61,580 Shares of Rocket Companies, Inc. $RKT

Nicholas Investment Partners LP raised its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 37.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 227,872 shares of the company’s stock after purchasing an additional 61,580 shares during the period. Nicholas Investment Partners LP’s holdings in Rocket Companies were worth $4,412,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Acumen Wealth Advisors LLC bought a new position in Rocket Companies during the 4th quarter valued at approximately $26,000. Pinnacle Bancorp Inc. raised 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 acquiring an additional 1,183 shares in the last quarter. City State Bank bought a new position in shares of Rocket Companies in the 4th quarter worth approximately $30,000. Smithfield Trust Co bought a new position in shares of Rocket Companies in the 4th quarter worth approximately $32,000. Finally, Key Financial Inc bought a new position in shares of Rocket Companies in the 4th quarter worth approximately $32,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

Rocket Companies stock opened at $13.06 on Friday. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $36.96 billion, a P/E ratio of 261.26 and a beta of 2.19. The stock’s 50 day moving average is $14.43 and its 200 day moving average is $17.10. Rocket Companies, Inc. has a twelve month low of $12.17 and a twelve month high of $24.36.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share 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 company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the business posted $0.04 EPS. The firm’s quarterly revenue was up 167.1% compared to the same quarter last year. On average, equities research analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RKT has been the subject of several research reports. Keefe, Bruyette & Woods decreased their target price on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Compass Point initiated coverage on Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 target price for the company. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. decreased their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.93.

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.