Atreides Management LP Sells 731,433 Shares of Rocket Companies, Inc. $RKT

Atreides Management LP lessened its position in Rocket Companies, Inc. (NYSE:RKT) by 42.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,000,657 shares of the company’s stock after selling 731,433 shares during the period. Atreides Management LP’s holdings in Rocket Companies were worth $19,393,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Rocket Companies by 29.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after purchasing an additional 5,226,931 shares during the last quarter. Boston Partners grew its stake in Rocket Companies by 6.2% during the second quarter. Boston Partners now owns 14,560,706 shares of the company’s stock worth $206,610,000 after buying an additional 856,367 shares during the last quarter. Durable Capital Partners LP bought a new stake in Rocket Companies during the third quarter worth about $213,010,000. Wellington Management Group LLP increased its holdings in shares of Rocket Companies by 30.6% during the third quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company’s stock worth $122,060,000 after buying an additional 1,474,040 shares in the last quarter. Finally, Third Point LLC acquired a new stake in shares of Rocket Companies during the second quarter worth approximately $67,355,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

RKT opened at $14.14 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. The stock has a market capitalization of $29.75 billion, a P/E ratio of -108.73 and a beta of 2.30. The company’s 50 day simple moving average is $19.22 and its 200-day simple moving average is $18.72. Rocket Companies, Inc. has a one year low of $10.94 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. The firm had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. Rocket Companies’s revenue was up 52.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.04 EPS. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on RKT. Compass Point started coverage on Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 target price on the stock. Wells Fargo & Company raised their price target on Rocket Companies from $17.00 to $19.00 and gave the company an “equal weight” rating in a report on Friday, February 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Barclays set a $22.00 price objective on Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Finally, Jefferies Financial Group initiated coverage on Rocket Companies in a report on Friday, December 19th. They set a “buy” rating and a $25.00 target price on the stock. Six research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.67.

Insider Buying and Selling at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares in the company, valued at $23,875,942.64. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 22,500 shares of company stock worth $453,775 in the last ninety days. Insiders own 92.64% of the company’s stock.

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.