Midwest Trust Co Makes New Investment in Rocket Companies, Inc. $RKT

Midwest Trust Co bought a new position in Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 41,416 shares of the company’s stock, valued at approximately $802,000.

A number of other hedge funds have also added to or reduced their stakes in RKT. Vanguard Group Inc. increased its holdings in Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. Durable Capital Partners LP bought a new stake in shares of Rocket Companies during the third quarter valued at approximately $213,010,000. ValueAct Holdings L.P. increased its holdings in shares of Rocket Companies by 67.9% during the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after acquiring an additional 10,270,018 shares in the last quarter. Fred Alger Management LLC increased its holdings in shares of Rocket Companies by 7,412.6% during the third quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock valued at $117,807,000 after acquiring an additional 5,997,885 shares in the last quarter. Finally, Alyeska Investment Group L.P. increased its holdings in shares of Rocket Companies by 229.5% during the third quarter. Alyeska Investment Group L.P. now owns 3,274,519 shares of the company’s stock valued at $63,460,000 after acquiring an additional 2,280,631 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors.

Rocket Companies Trading Down 5.4%

Shares of Rocket Companies stock opened at $14.84 on Tuesday. The stock has a fifty day simple moving average of $15.07 and a 200 day simple moving average of $17.67. Rocket Companies, Inc. has a 12-month low of $11.20 and a 12-month high of $24.36. The company has a market capitalization of $41.85 billion, a P/E ratio of 296.82 and a beta of 2.23. The company has a current ratio of 4.37, a quick ratio of 70.90 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company posted $0.04 earnings per share. Rocket Companies’s revenue was up 167.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Rocket Companies, Inc. will post 0.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RKT shares. Zacks Research downgraded Rocket Companies from a “hold” rating to a “strong sell” rating in a report on Monday, April 13th. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $22.00 to $19.00 in a report on Monday, April 6th. Citizens Jmp started coverage on Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating for the company. Stephens started coverage on Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective for the company. Finally, JPMorgan Chase & Co. decreased their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 9th. Nine equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $21.00.

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.