Auxano Advisors LLC Makes New $3.27 Million Investment in Rocket Companies, Inc. $RKT

Auxano Advisors LLC purchased a new position in Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, Holdings Channel.com reports. The firm purchased 168,627 shares of the company’s stock, valued at approximately $3,265,000. Rocket Companies makes up approximately 0.6% of Auxano Advisors LLC’s investment portfolio, making the stock its 24th biggest holding.

Other institutional investors have also bought and sold shares of the company. Brooktree Capital Management increased its stake in Rocket Companies by 27.5% in the 3rd quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock worth $2,881,000 after buying an additional 32,088 shares in the last quarter. Cibc World Market Inc. purchased a new stake in Rocket Companies in the 3rd quarter worth $2,689,000. Vanguard Group Inc. increased its stake in Rocket Companies by 29.5% in the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after buying an additional 5,226,931 shares in the last quarter. Vaughan Nelson Investment Management L.P. purchased a new stake in Rocket Companies in the 4th quarter worth $40,455,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Rocket Companies by 1,051.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 127,866 shares of the company’s stock worth $2,478,000 after buying an additional 116,760 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Down 2.4%

Shares of NYSE:RKT opened at $13.03 on Tuesday. 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, Inc. has a 12 month low of $12.03 and a 12 month high of $24.36. The company has a 50-day moving average price of $14.79 and a 200 day moving average price of $17.53. The company has a market cap of $36.73 billion, a price-to-earnings ratio of 260.52 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last announced its quarterly 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. 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 firm earned $0.04 EPS. The firm’s revenue for the quarter was up 167.1% compared to the same quarter last year. As a group, equities research analysts predict that Rocket Companies, Inc. will post 0.63 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on RKT shares. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $22.00 to $19.00 in a report on Monday, April 6th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Royal Bank Of Canada reissued a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a report on Monday, May 11th. Compass Point started coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective for the company. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.93.

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.