Sierra Summit Advisors LLC Increases Holdings in Rocket Companies, Inc. $RKT

Sierra Summit Advisors LLC boosted its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 956,485 shares of the company’s stock after buying an additional 40,910 shares during the period. Rocket Companies accounts for 2.0% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 12th largest position. Sierra Summit Advisors LLC’s holdings in Rocket Companies were worth $13,630,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased 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 worth $1,689,287,000 after acquiring an additional 64,311,040 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Rocket Companies by 11,636.8% during 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 acquiring an additional 25,966,725 shares during the last quarter. Morgan Stanley grew its holdings in shares of Rocket Companies by 461.2% in the fourth 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 grew its holdings in shares of Rocket Companies by 323.9% in the fourth 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, ValueAct Holdings L.P. increased its position in Rocket Companies by 55.1% during the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after purchasing an additional 13,985,025 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Down 0.8%

Shares of NYSE:RKT opened at $15.72 on Friday. The company has a market capitalization of $44.49 billion, a price-to-earnings ratio of 314.46 and a beta of 2.16. Rocket Companies, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36. The business has a 50-day moving average price of $14.19 and a 200 day moving average price of $16.61. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last posted 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. The company had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. Rocket Companies’s revenue for the quarter was up 167.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.04 earnings per share. Sell-side analysts expect that Rocket Companies, Inc. will post 0.63 EPS for the current year.

Analyst Upgrades and Downgrades

RKT has been the topic of a number of analyst reports. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. JPMorgan Chase & Co. dropped their price target 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. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Wells Fargo & Company reduced their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Finally, Keefe, Bruyette & Woods decreased their price objective on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.87.

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.