Delta Global Management LP Has $23.40 Million Stock Holdings in Rocket Companies, Inc. $RKT

Delta Global Management LP increased its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 13.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,207,165 shares of the company’s stock after acquiring an additional 142,304 shares during the quarter. Rocket Companies comprises approximately 1.7% of Delta Global Management LP’s investment portfolio, making the stock its 19th biggest holding. Delta Global Management LP’s holdings in Rocket Companies were worth $23,395,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its holdings in Rocket Companies by 18.4% in the second quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock worth $55,000 after purchasing an additional 605 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Rocket Companies by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock valued at $365,000 after buying an additional 636 shares during the period. Miller Wealth Advisors LLC grew its holdings in shares of Rocket Companies by 65.0% in the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after buying an additional 650 shares during the period. Parallel Advisors LLC increased its position in shares of Rocket Companies by 26.1% in the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after buying an additional 677 shares in the last quarter. Finally, Amundi increased its position in shares of Rocket Companies by 2.3% in the 2nd quarter. Amundi now owns 34,170 shares of the company’s stock valued at $498,000 after buying an additional 754 shares in the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RKT shares. JPMorgan Chase & Co. started coverage on Rocket Companies in a report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price on the stock. BTIG Research restated a “buy” rating and issued a $25.00 price target on shares of Rocket Companies in a report on Wednesday, November 19th. Jefferies Financial Group initiated coverage on Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 price target on the stock. Barclays set a $22.00 price objective on Rocket Companies and gave the company an “equal weight” rating in a report on Tuesday, January 6th. Finally, Compass Point began coverage on Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $20.67.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.99, for a total value of $57,475.00. Following the sale, the director owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. The trade was a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 22,500 shares of company stock valued at $453,775. 92.64% of the stock is currently owned by company insiders.

Rocket Companies Price Performance

RKT stock opened at $14.14 on Monday. The stock has a 50-day moving average price of $19.22 and a two-hundred day moving average price of $18.72. Rocket Companies, Inc. has a 1 year low of $10.94 and a 1 year high of $24.36. The stock has a market cap of $29.75 billion, a PE ratio of -108.73 and a beta of 2.30. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The company’s quarterly revenue was up 52.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 earnings per share. Equities analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

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.