Clough Capital Partners L P Makes New $1.93 Million Investment in Rocket Companies, Inc. $RKT

Clough Capital Partners L P acquired a new stake in Rocket Companies, Inc. (NYSE:RKT) in the third quarter, Holdings Channel reports. The fund acquired 99,510 shares of the company’s stock, valued at approximately $1,929,000.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after buying an additional 5,226,931 shares in the last quarter. Boston Partners grew its position in Rocket Companies by 6.2% during the second quarter. Boston Partners now owns 14,560,706 shares of the company’s stock worth $206,610,000 after buying an additional 856,367 shares in the last quarter. Durable Capital Partners LP bought a new position in Rocket Companies during the 3rd quarter worth $213,010,000. Wellington Management Group LLP raised its holdings in Rocket Companies by 30.6% in the 3rd quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company’s stock valued at $122,060,000 after acquiring an additional 1,474,040 shares in the last quarter. Finally, Third Point LLC bought a new stake in shares of Rocket Companies during the 2nd quarter valued at $67,355,000. 4.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RKT has been the topic of several analyst reports. Keefe, Bruyette & Woods increased their target price on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. BTIG Research reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rocket Companies in a research report on Wednesday, November 19th. Jefferies Financial Group began coverage on shares of Rocket Companies in a research note on Friday, December 19th. They set a “buy” rating and a $25.00 price objective on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Finally, JPMorgan Chase & Co. started coverage on shares of Rocket Companies in a report on Monday, January 12th. They set a “neutral” rating and a $24.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.67.

Rocket Companies Stock Performance

Rocket Companies stock opened at $14.14 on Friday. Rocket Companies, Inc. has a 12-month low of $10.94 and a 12-month high of $24.36. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07. The business’s 50-day moving average price is $19.22 and its two-hundred day moving average price is $18.72. The stock has a market cap of $29.75 billion, a PE ratio of -108.73 and a beta of 2.30.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the business earned $0.04 earnings per share. The business’s revenue for the quarter was up 52.2% compared to the same quarter last year. As a group, analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Transactions at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total value of $57,475.00. Following the completion of the transaction, the director owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. This represents a 0.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 22,500 shares of company stock worth $453,775. 92.64% of the stock is owned by corporate insiders.

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.