State of Wyoming Acquires 39,271 Shares of Rocket Companies, Inc. $RKT

State of Wyoming grew its holdings in Rocket Companies, Inc. (NYSE:RKT) by 138.8% during the 1st quarter, Holdings Channel.com reports. The fund owned 67,562 shares of the company’s stock after acquiring an additional 39,271 shares during the period. State of Wyoming’s holdings in Rocket Companies were worth $963,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Rocket Companies by 280.3% during 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. ValueAct Holdings L.P. boosted its stake in Rocket Companies by 55.1% in the 4th 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 period. Nuveen LLC boosted its stake in Rocket Companies by 5.5% in the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after purchasing an additional 1,706,659 shares during the period. Morgan Stanley grew its holdings in Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after buying an additional 22,196,782 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Rocket Companies by 11,636.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after buying an additional 25,966,725 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Down 1.4%

Shares of RKT opened at $13.46 on Thursday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The stock has a market capitalization of $38.08 billion, a price-to-earnings ratio of 269.18 and a beta of 2.16. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36. The business’s 50 day simple moving average is $14.08 and its 200-day simple moving average is $16.15.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $2.76 billion. During the same period last year, the firm posted $0.04 earnings per share. Rocket Companies’s revenue for the quarter was up 167.1% compared to the same quarter last year. As a group, equities analysts expect that Rocket Companies, Inc. will post 0.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on RKT. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $18.00 to $19.00 in a report on Thursday, July 16th. Benchmark initiated coverage on shares of Rocket Companies in a research note on Monday, June 29th. They issued a “buy” rating and a $21.00 price target on the stock. Stephens initiated coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective for the company. Finally, BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.73.

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.