Sierra Summit Advisors LLC Grows Stock Holdings in Rocket Companies, Inc. $RKT

Sierra Summit Advisors LLC grew its position in Rocket Companies, Inc. (NYSE:RKT) by 4.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 956,485 shares of the company’s stock after acquiring an additional 40,910 shares during the period. Rocket Companies makes up 2.0% of Sierra Summit Advisors LLC’s portfolio, making the stock its 12th biggest holding. Sierra Summit Advisors LLC’s holdings in Rocket Companies were worth $13,630,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in 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 acquiring an additional 64,311,040 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in 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 valued at $507,037,000 after acquiring an additional 25,966,725 shares during the period. Morgan Stanley grew its position in Rocket Companies by 461.2% in the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after acquiring an additional 22,196,782 shares in the last quarter. State Street Corp grew its position in Rocket Companies by 323.9% in the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after acquiring an additional 15,807,776 shares in the last quarter. Finally, ValueAct Holdings L.P. grew its position 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 valued at $762,409,000 after acquiring an additional 13,985,025 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

RKT stock opened at $15.72 on Friday. 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 firm has a market capitalization of $44.49 billion, a P/E ratio of 314.46 and a beta of 2.16. The business’s 50-day moving average is $14.19 and its two-hundred day moving average is $16.61. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the business posted $0.04 EPS. The business’s quarterly revenue was up 167.1% compared to the same quarter last year. Analysts anticipate that Rocket Companies, Inc. will post 0.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RKT. Benchmark began coverage on shares of Rocket Companies in a research report on Monday. They set a “buy” rating and a $21.00 price target on the stock. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a report on Monday, May 11th. Keefe, Bruyette & Woods dropped their price objective on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, June 25th. Wells Fargo & Company cut 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 note on Thursday, April 9th. Finally, Compass Point initiated coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, Rocket Companies presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.87.

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.