3,550,000 Shares in Rocket Companies, Inc. $RKT Purchased by OCO Capital Partners L.P.

OCO Capital Partners L.P. acquired a new position in Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,550,000 shares of the company’s stock, valued at approximately $68,728,000. Rocket Companies accounts for about 13.2% of OCO Capital Partners L.P.’s portfolio, making the stock its 2nd largest position. OCO Capital Partners L.P. owned 0.17% of Rocket Companies as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ORG Partners LLC increased its stake in shares of Rocket Companies by 22.3% during the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock worth $55,000 after purchasing an additional 520 shares during the last quarter. Manchester Capital Management LLC lifted its stake in Rocket Companies by 0.5% in the fourth quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock valued at $2,255,000 after purchasing an additional 618 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Rocket Companies by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock valued at $365,000 after purchasing an additional 636 shares during the period. Composition Wealth LLC grew its holdings in Rocket Companies by 2.7% during the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after purchasing an additional 668 shares during the period. Finally, Parallel Advisors LLC increased its position in Rocket Companies by 26.1% in the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock worth $63,000 after buying an additional 677 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Rocket Companies

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

Shares of NYSE RKT opened at $13.97 on Wednesday. The stock has a market cap of $39.54 billion, a PE ratio of 279.46 and a beta of 2.19. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The stock has a fifty day moving average of $14.39 and a 200-day moving average of $17.01.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (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 company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the previous year, the company posted $0.04 EPS. The firm’s revenue for the quarter was up 167.1% compared to the same quarter last year. Equities research analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RKT shares. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research report on Tuesday. Stephens started coverage on Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective for the company. Wells Fargo & Company lowered their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective 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 issued a $20.00 target price on shares of Rocket Companies in a research note on Monday, May 11th. Eight investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $20.93.

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.