Clough Capital Partners L P Raises Holdings in Rocket Companies, Inc. $RKT

Clough Capital Partners L P raised its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 1,627.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,718,580 shares of the company’s stock after acquiring an additional 1,619,070 shares during the quarter. Rocket Companies comprises 3.0% of Clough Capital Partners L P’s investment portfolio, making the stock its 10th biggest holding. Clough Capital Partners L P owned about 0.08% of Rocket Companies worth $33,272,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of RKT. Vanguard Group Inc. boosted its position in Rocket Companies by 280.3% during the fourth 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 during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Rocket Companies by 11,636.8% during the 4th 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 in the last quarter. Morgan Stanley boosted its position in shares of Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after purchasing an additional 22,196,782 shares in the last quarter. State Street Corp boosted its position in shares of Rocket Companies by 323.9% during the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock worth $400,526,000 after purchasing an additional 15,807,776 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Rocket Companies by 265.0% during the 4th quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock worth $299,939,000 after purchasing an additional 11,282,009 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

Analyst Ratings Changes

RKT has been the topic of a number of research analyst reports. Compass Point initiated coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective on the stock. Wells Fargo & Company cut their price objective on shares of 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. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Keefe, Bruyette & Woods cut their price objective on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Finally, Citizens Jmp initiated coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating on the stock. Eight analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.93.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $13.17 on Thursday. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The stock has a market cap of $37.27 billion, a price-to-earnings ratio of 263.48 and a beta of 2.19. 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 firm’s 50-day simple moving average is $14.36 and its 200 day simple moving average is $16.96.

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

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.