Brooklands Fund Management Ltd Invests $1.36 Million in Rocket Companies, Inc. $RKT

Brooklands Fund Management Ltd bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 75,860 shares of the company’s stock, valued at approximately $1,360,000. Rocket Companies accounts for about 0.2% of Brooklands Fund Management Ltd’s investment portfolio, making the stock its 21st largest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of RKT. Truvestments Capital LLC acquired a new stake in shares of Rocket Companies during the fourth quarter worth $26,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Rocket Companies during the fourth quarter worth $26,000. Pinnacle Bancorp Inc. raised its position in shares of Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares during the period. City State Bank acquired a new stake in shares of Rocket Companies during the fourth quarter worth $30,000. Finally, Smithfield Trust Co acquired a new stake in shares of Rocket Companies during the fourth quarter worth $32,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RKT shares. JPMorgan Chase & Co. cut their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Citizens Jmp assumed coverage on Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating on the stock. Stephens assumed coverage on Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target on the stock. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $22.00 to $19.00 in a report on Monday, April 6th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.93.

Rocket Companies Stock Performance

Shares of NYSE RKT opened at $13.95 on Tuesday. The business’s 50-day moving average price is $14.41 and its two-hundred day moving average price is $17.05. 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 $12.17 and a one year high of $24.36. The company has a market capitalization of $39.47 billion, a P/E ratio of 279.02 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last issued its 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. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the previous year, the company posted $0.04 earnings per share. The business’s quarterly revenue was up 167.1% compared to the same quarter last year. Analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal 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.