Delta Global Management LP Has $23.40 Million Stock Holdings in Rocket Companies, Inc. $RKT

Delta Global Management LP lifted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 13.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,207,165 shares of the company’s stock after buying an additional 142,304 shares during the quarter. Rocket Companies comprises 1.7% of Delta Global Management LP’s portfolio, making the stock its 19th biggest holding. Delta Global Management LP owned about 0.06% of Rocket Companies worth $23,395,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Brevan Howard Capital Management LP increased its position in Rocket Companies by 150.4% in the 3rd quarter. Brevan Howard Capital Management LP now owns 30,418 shares of the company’s stock valued at $590,000 after acquiring an additional 18,272 shares in the last quarter. Clough Capital Partners L P acquired a new position in shares of Rocket Companies during the third quarter worth approximately $1,929,000. Beck Mack & Oliver LLC lifted its position in shares of Rocket Companies by 166.7% during the third quarter. Beck Mack & Oliver LLC now owns 240,000 shares of the company’s stock worth $4,651,000 after purchasing an additional 150,000 shares in the last quarter. Alight Capital Management LP grew its stake in shares of Rocket Companies by 12.0% during the third quarter. Alight Capital Management LP now owns 700,000 shares of the company’s stock valued at $13,566,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Rocket Companies by 60.3% during the third quarter. Ameriprise Financial Inc. now owns 1,339,433 shares of the company’s stock valued at $25,954,000 after purchasing an additional 503,712 shares during the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Jefferies Financial Group began coverage on shares of Rocket Companies in a research report on Friday, December 19th. They issued a “buy” rating and a $25.00 price objective for the company. JPMorgan Chase & Co. began coverage on Rocket Companies in a research note on Monday, January 12th. They issued a “neutral” rating and a $24.00 target price for the company. Keefe, Bruyette & Woods boosted their target price on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Finally, Barclays set a $22.00 price target on Rocket Companies and gave the company an “equal weight” rating in a report on Tuesday, January 6th. Six analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.67.

Insider Buying and Selling

In related news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $22.99, for a total value of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. This represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold a total of 22,500 shares of company stock valued at $453,775 in the last ninety days. Corporate insiders own 92.64% of the company’s stock.

Rocket Companies Price Performance

Shares of RKT stock opened at $14.14 on Monday. The firm’s 50 day moving average price is $19.22 and its two-hundred day moving average price is $18.72. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. Rocket Companies, Inc. has a 52-week low of $10.94 and a 52-week high of $24.36. 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 issued its earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, beating the consensus estimate 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 company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the previous year, the company posted $0.04 EPS. The business’s revenue for the quarter was up 52.2% compared to the same quarter last year. As a group, analysts forecast that Rocket Companies, Inc. will post 0.15 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.