4,324,817 Shares in Rocket Companies, Inc. $RKT Acquired by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. purchased a new position in Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, Holdings Channel.com reports. The fund purchased 4,324,817 shares of the company’s stock, valued at approximately $83,728,000.

Other hedge funds also recently modified their holdings of the company. Cloud Capital Management LLC bought a new stake in shares of Rocket Companies in the 3rd quarter worth approximately $25,000. Pinnacle Bancorp Inc. grew its stake in Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after buying an additional 1,183 shares in the last quarter. City State Bank purchased a new position in Rocket Companies in the 4th quarter valued at approximately $30,000. Sound Income Strategies LLC grew its stake in Rocket Companies by 354.8% in the 4th quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock valued at $38,000 after buying an additional 1,540 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew its stake in Rocket Companies by 875.0% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $38,000 after buying an additional 1,750 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. JPMorgan Chase & Co. reduced their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a research note on Monday, May 11th. Citizens Jmp assumed coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating for the company. Finally, Stephens assumed coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective for the company. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.93.

Rocket Companies Stock Up 1.5%

RKT opened at $13.84 on Friday. The company has a fifty day moving average price of $14.67 and a 200-day moving average price of $17.47. The firm has a market capitalization of $39.01 billion, a P/E ratio of 276.70 and a beta of 2.23. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies, Inc. has a one year low of $12.03 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last released 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 firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.04 EPS. Equities research analysts expect that Rocket Companies, Inc. will post 0.63 earnings per share for the current fiscal year.

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.