DAVENPORT & Co LLC Takes Position in Rocket Companies, Inc. $RKT

DAVENPORT & Co LLC bought a new position in Rocket Companies, Inc. (NYSE:RKT) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 26,679 shares of the company’s stock, valued at approximately $517,000.

A number of other institutional investors and hedge funds have also bought and sold shares of RKT. Boston Partners lifted its holdings in shares of Rocket Companies by 6.2% in the 2nd quarter. Boston Partners now owns 14,560,706 shares of the company’s stock worth $206,610,000 after acquiring an additional 856,367 shares during the last quarter. Third Point LLC purchased a new position in Rocket Companies in the 2nd quarter worth $67,355,000. Broad Bay Capital Management LP bought a new stake in Rocket Companies in the second quarter worth $51,585,000. Allspring Global Investments Holdings LLC purchased a new stake in Rocket Companies during the second quarter valued at about $44,102,000. Finally, Geode Capital Management LLC grew its stake in shares of Rocket Companies by 23.4% during the second quarter. Geode Capital Management LLC now owns 2,730,504 shares of the company’s stock valued at $38,723,000 after buying an additional 517,684 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total value of $48,600.00. Following the completion of the transaction, the director directly owned 1,066,036 shares of the company’s stock, valued at $20,723,739.84. This represents a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 30,000 shares of company stock worth $563,725 in the last 90 days. 92.64% of the stock is owned by insiders.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $20.04 on Wednesday. The business has a 50 day moving average of $18.18 and a 200 day moving average of $17.39. Rocket Companies, Inc. has a 52 week low of $10.06 and a 52 week high of $22.56. The company has a market cap of $42.18 billion, a PE ratio of 250.57 and a beta of 2.26. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the business posted $0.08 earnings per share. The firm’s revenue for the quarter was up 148.1% compared to the same quarter last year. As a group, equities research analysts forecast that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. BTIG Research reissued a “buy” rating and issued a $25.00 target price on shares of Rocket Companies in a research note on Wednesday, November 19th. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. The Goldman Sachs Group reissued a “neutral” rating and set a $22.00 price objective (up previously from $16.00) on shares of Rocket Companies in a research note on Wednesday, October 29th. UBS Group set a $17.00 target price on shares of Rocket Companies and gave the stock a “neutral” rating in a research note on Friday, October 10th. Finally, Jefferies Financial Group started coverage on shares of Rocket Companies in a report on Friday, December 19th. They set a “buy” rating and a $25.00 price target for the company. Five research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.32.

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.