Clough Capital Partners L P Increases Position in Rocket Companies, Inc. $RKT

Clough Capital Partners L P grew its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 1,627.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,718,580 shares of the company’s stock after buying an additional 1,619,070 shares during the quarter. Rocket Companies accounts for approximately 3.0% of Clough Capital Partners L P’s investment portfolio, making the stock its 10th biggest holding. Clough Capital Partners L P’s holdings in Rocket Companies were worth $33,272,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Rocket Companies by 280.3% during the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after buying an additional 64,311,040 shares in the last quarter. Nuveen LLC lifted its position in shares of Rocket Companies by 5.5% during the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after buying an additional 1,706,659 shares in the last quarter. Morgan Stanley lifted its position in shares of Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after buying an additional 22,196,782 shares in the last quarter. Price T Rowe Associates Inc. MD lifted 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 worth $507,037,000 after buying an additional 25,966,725 shares in the last quarter. Finally, ValueAct Holdings L.P. lifted its position in shares of Rocket Companies by 67.9% during the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after buying an additional 10,270,018 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Citizens Jmp assumed coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating on the stock. Stephens assumed coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. Wells Fargo & Company dropped their target price 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. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a research note on Tuesday. Finally, Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Eight investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $20.93.

Rocket Companies Trading Down 5.4%

Shares of RKT stock opened at $13.17 on Thursday. The company has a 50 day moving average of $14.36 and a 200-day moving average of $16.96. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36. The firm has a market cap of $37.27 billion, a P/E ratio of 263.48 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, topping the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the company earned $0.04 earnings per share. The company’s revenue was up 167.1% on a year-over-year basis. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

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.