Atreides Management LP Has $19.39 Million Holdings in Rocket Companies, Inc. $RKT

Atreides Management LP lessened its holdings in Rocket Companies, Inc. (NYSE:RKT) by 42.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,000,657 shares of the company’s stock after selling 731,433 shares during the quarter. Atreides Management LP’s holdings in Rocket Companies were worth $19,393,000 at the end of the most recent reporting period.

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

Rocket Companies Stock Down 3.1%

NYSE:RKT opened at $14.14 on Friday. Rocket Companies, Inc. has a 1 year low of $10.94 and a 1 year high of $24.36. The stock has a 50-day moving average price of $19.22 and a two-hundred day moving average price of $18.72. The stock has a market cap of $29.75 billion, a price-to-earnings 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 released its quarterly earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter last year, the firm posted $0.04 earnings per share. Rocket Companies’s revenue was up 52.2% compared to the same quarter last year. As a group, equities analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Insider Transactions at Rocket Companies

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

Wall Street Analysts Forecast Growth

RKT has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on Rocket Companies from $17.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. BTIG Research reiterated a “buy” rating and issued a $25.00 price objective on shares of Rocket Companies in a report on Wednesday, November 19th. Barclays set a $22.00 target price on Rocket Companies and gave the stock an “equal weight” rating in a report on Tuesday, January 6th. Finally, JPMorgan Chase & Co. began coverage on Rocket Companies in a research report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $20.67.

Rocket Companies Company 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.