FACT Capital LP Acquires Shares of 141,190 Rocket Companies, Inc. $RKT

FACT Capital LP bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the first quarter, HoldingsChannel reports. The firm bought 141,190 shares of the company’s stock, valued at approximately $2,012,000. Rocket Companies makes up about 1.3% of FACT Capital LP’s holdings, making the stock its 15th biggest holding.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Rocket Companies by 280.3% during the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after acquiring an additional 64,311,040 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in 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 worth $507,037,000 after purchasing an additional 25,966,725 shares during the period. Morgan Stanley increased its stake in Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after purchasing an additional 22,196,782 shares during the last quarter. State Street Corp increased its stake in Rocket Companies by 323.9% during the fourth quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after purchasing an additional 15,807,776 shares during the last quarter. Finally, ValueAct Holdings L.P. raised 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 purchasing an additional 13,985,025 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Trading Up 3.6%

Shares of NYSE:RKT opened at $13.53 on Tuesday. 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’s 50-day moving average price is $14.05 and its 200 day moving average price is $15.99. The company has a market cap of $38.27 billion, a PE ratio of 270.50 and a beta of 2.16. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36.

Rocket Companies (NYSE:RKT) last posted its earnings results 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 net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the prior year, the firm earned $0.04 EPS. Rocket Companies’s quarterly revenue was up 167.1% on a year-over-year basis. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

RKT has been the topic of a number of recent research reports. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. BTIG Research reiterated a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. JPMorgan Chase & Co. decreased their target price on Rocket Companies from $16.00 to $15.50 and set a “neutral” rating for the company in a research note on Monday, July 13th. Finally, Benchmark initiated coverage on Rocket Companies in a report on Monday, June 29th. They set a “buy” rating and a $21.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Rocket Companies presently has an average rating of “Moderate Buy” and a consensus 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.