Castleark Management LLC Increases Stock Position in Rocket Companies, Inc. $RKT

Castleark Management LLC increased its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 25.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 481,560 shares of the company’s stock after buying an additional 98,060 shares during the quarter. Castleark Management LLC’s holdings in Rocket Companies were worth $9,323,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. ORG Partners LLC increased its position in shares of Rocket Companies by 22.3% in the fourth quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock valued at $55,000 after buying an additional 520 shares in the last quarter. Manchester Capital Management LLC lifted its position in shares of Rocket Companies by 0.5% during the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock valued at $2,255,000 after buying an additional 618 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Rocket Companies by 3.5% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock valued at $365,000 after buying an additional 636 shares in the last quarter. Composition Wealth LLC lifted its position in shares of Rocket Companies by 2.7% during the 4th quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after buying an additional 668 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in shares of Rocket Companies by 26.1% during the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after buying an additional 677 shares in the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

NYSE:RKT opened at $13.06 on Friday. Rocket Companies, Inc. has a one year low of $12.17 and a one year high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The stock has a market cap of $36.96 billion, a PE ratio of 261.26 and a beta of 2.19. The stock has a 50 day moving average price of $14.43 and a 200 day moving average price of $17.10.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating 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 firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the firm earned $0.04 earnings per share. The business’s revenue for the quarter was up 167.1% on a year-over-year basis. Equities research analysts expect that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Analyst Ratings Changes

RKT has been the topic of a number of recent analyst reports. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $22.00 to $19.00 in a research report on Monday, April 6th. Wells Fargo & Company decreased their target price on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Stephens initiated coverage on Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. JPMorgan Chase & Co. decreased their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Finally, Compass Point assumed coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price on the stock. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average price target of $20.93.

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.