State of Wyoming Buys 39,271 Shares of Rocket Companies, Inc. $RKT

State of Wyoming boosted its stake in Rocket Companies, Inc. (NYSE:RKT) by 138.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,562 shares of the company’s stock after purchasing an additional 39,271 shares during the period. State of Wyoming’s holdings in Rocket Companies were worth $963,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. NewEdge Wealth LLC boosted its stake in shares of Rocket Companies by 9.5% in the 1st quarter. NewEdge Wealth LLC now owns 14,457 shares of the company’s stock worth $206,000 after buying an additional 1,253 shares during the last quarter. ABN Amro Investment Solutions bought a new stake in shares of Rocket Companies in the first quarter worth $417,000. Andra AP fonden increased its position in Rocket Companies by 48.0% during the first quarter. Andra AP fonden now owns 729,357 shares of the company’s stock valued at $10,393,000 after acquiring an additional 236,632 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Rocket Companies during the first quarter valued at $34,000. Finally, Meeder Advisory Services Inc. bought a new position in Rocket Companies in the first quarter valued at about $151,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Morgan Stanley upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $18.00 to $19.00 in a research note on Thursday, July 16th. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Stephens started coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective on the stock. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Finally, Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. One equities 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.73.

Rocket Companies Stock Performance

Shares of RKT opened at $13.46 on Thursday. The business has a 50-day simple moving average of $14.08 and a two-hundred day simple moving average of $16.15. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The stock has a market cap of $38.08 billion, a price-to-earnings ratio of 269.18 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm 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 in the previous year, the firm earned $0.04 EPS. On average, analysts expect that Rocket Companies, Inc. will post 0.58 EPS for the current year.

Rocket Companies Company 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.