Rocket Companies, Inc. $RKT Position Increased by Fred Alger Management LLC

Fred Alger Management LLC boosted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 67.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 10,190,918 shares of the company’s stock after purchasing an additional 4,112,118 shares during the period. Rocket Companies comprises 0.8% of Fred Alger Management LLC’s holdings, making the stock its 25th largest holding. Fred Alger Management LLC’s holdings in Rocket Companies were worth $197,296,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Truvestments Capital LLC acquired a new stake in Rocket Companies during the fourth quarter valued at $26,000. Acumen Wealth Advisors LLC acquired a new stake in Rocket Companies during the fourth quarter valued at $26,000. Pinnacle Bancorp Inc. boosted its position in Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank acquired a new stake in Rocket Companies during the fourth quarter valued at $30,000. Finally, Smithfield Trust Co acquired a new stake in Rocket Companies during the fourth quarter valued at $32,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies News Roundup

Here are the key news stories impacting Rocket Companies this week:

• Negative Sentiment: BTIG cut Rocket Companies to Neutral, saying the stock now has limited upside potential after its recent move and that near-term results may be pressured by the interest-rate backdrop. Rocket Companies cut to Neutral at BTIG on limited upside potential
• Negative Sentiment: Another report highlighted that rising mortgage rates are likely to weigh on Rocket’s loan volumes in the near term, which is a headwind for origination-driven revenue. Rising mortgage rates put near-term pressure on Rocket Companies’ volumes
• Neutral Sentiment: BTIG also said the broader mortgage sector still looks attractive over the medium term if rates stabilize, suggesting Rocket could benefit later from improving efficiency and a recovery in mortgage demand. BTIG sees upside in mortgage stocks despite higher rates, names Rithm top pick
• Neutral Sentiment: Coverage noting that Rocket was downgraded by a Wall Street analyst adds to the cautious tone around the name, but the report does not point to a company-specific operational problem. Palantir upgraded, Rocket Companies downgraded: Wall Street’s top analyst calls
• Neutral Sentiment: Rocket’s real estate arm Redfin discussed possible housing-demand benefits from a potential SpaceX IPO in San Antonio, which could be a localized positive for housing activity, though it is not a near-term catalyst for the stock. How A SpaceX IPO Could Shape Rocket Companies’ San Antonio Outlook

Rocket Companies Price Performance

NYSE RKT opened at $13.97 on Wednesday. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The stock’s 50-day moving average is $14.39 and its two-hundred day moving average is $17.01. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The firm has a market cap of $39.54 billion, a P/E ratio of 279.46 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the company earned $0.04 earnings per share. The business’s revenue was up 167.1% compared to the same quarter last year. On average, analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RKT. Citizens Jmp began coverage on Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $22.00 to $19.00 in a research report on Monday, April 6th. Compass Point began coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective for the company. Royal Bank Of Canada reissued a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Finally, Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Eight research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Rocket Companies presently has a consensus rating of “Hold” and an average price target of $20.93.

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.