Clearline Capital LP Has $8.56 Million Stake in Rocket Companies, Inc. $RKT

Clearline Capital LP raised its position in Rocket Companies, Inc. (NYSE:RKT) by 439.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 441,955 shares of the company’s stock after purchasing an additional 360,000 shares during the quarter. Clearline Capital LP’s holdings in Rocket Companies were worth $8,556,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of RKT. Vanguard Group Inc. raised its stake in shares of Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after purchasing an additional 64,311,040 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Rocket Companies by 11,636.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after purchasing an additional 25,966,725 shares during the period. Morgan Stanley raised its stake in shares of Rocket Companies by 461.2% in the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after purchasing an additional 22,196,782 shares during the period. State Street Corp raised its stake in shares of Rocket Companies by 323.9% in the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after purchasing an additional 15,807,776 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Rocket Companies by 265.0% in the 4th quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock valued at $299,939,000 after purchasing an additional 11,282,009 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RKT shares. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Keefe, Bruyette & Woods lowered their target price on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Citizens Jmp started coverage on Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Compass Point started coverage on Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, Stephens started coverage on Rocket Companies in a research report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 target price on the stock. Eight investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Rocket Companies currently has an average rating of “Hold” and a consensus price target of $20.93.

Rocket Companies Price Performance

NYSE:RKT opened at $13.17 on Thursday. 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’s 50-day simple moving average is $14.36 and its 200 day simple moving average is $16.96. The company has a market cap of $37.27 billion, a P/E ratio of 263.48 and a beta of 2.19. Rocket Companies, Inc. has a 52-week low of $12.17 and a 52-week high of $24.36.

Rocket Companies (NYSE:RKT) last released its earnings results 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. The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.Rocket Companies’s quarterly revenue was up 167.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 earnings per share. As a group, sell-side analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Rocket Companies 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.