Nicholas Investment Partners LP Raises Holdings in Rocket Companies, Inc. $RKT

Nicholas Investment Partners LP raised its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 37.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Brooktree Capital Management boosted its stake in shares of Rocket Companies by 27.5% in the 3rd quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock worth $2,881,000 after buying an additional 32,088 shares during the last quarter. Cibc World Market Inc. purchased a new position in shares of Rocket Companies in the 3rd quarter worth $2,689,000. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 29.5% in the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after buying an additional 5,226,931 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Rocket Companies in the 4th quarter worth $40,455,000. Finally, Baker Chad R purchased a new position in shares of Rocket Companies in the 4th quarter worth $1,926,000. 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. 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 business’s 50-day simple moving average is $14.43 and its two-hundred day simple moving average is $17.10. The stock has a market cap of $36.96 billion, a PE ratio of 261.26 and a beta of 2.19. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business’s quarterly revenue was up 167.1% on a year-over-year basis. During the same period last year, the firm earned $0.04 earnings per share. As a group, analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RKT has been the topic of a number of research reports. Wells Fargo & Company dropped their price target on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. JPMorgan Chase & Co. dropped their price target on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Stephens initiated coverage on Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price target on the stock. Finally, Citizens Jmp initiated coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average target price 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.