VELA Investment Management LLC Makes New Investment in Rocket Companies, Inc. $RKT

VELA Investment Management LLC purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 43,087 shares of the company’s stock, valued at approximately $834,000.

A number of other institutional investors and hedge funds have also made changes to their positions in RKT. Royal Bank of Canada raised its holdings in shares of Rocket Companies by 48.9% in the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after buying an additional 22,861 shares during the last quarter. Amundi raised its holdings in shares of Rocket Companies by 3.1% in the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after buying an additional 997 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Rocket Companies by 1,086.5% in the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after buying an additional 366,716 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Rocket Companies by 12.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock valued at $4,473,000 after buying an additional 40,326 shares during the last quarter. Finally, Creative Planning raised its holdings in shares of Rocket Companies by 17.2% in the second quarter. Creative Planning now owns 18,215 shares of the company’s stock valued at $258,000 after buying an additional 2,679 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Trading Up 0.2%

Shares of Rocket Companies stock opened at $14.65 on Friday. Rocket Companies, Inc. has a 52-week low of $11.08 and a 52-week high of $24.36. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07. The company’s 50-day simple moving average is $15.36 and its 200-day simple moving average is $17.74. The firm has a market cap of $41.31 billion, a price-to-earnings ratio of -112.70 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period in the previous year, the business posted $0.04 earnings per share. The business’s revenue was up 52.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RKT. Zacks Research cut shares of Rocket Companies from a “hold” rating to a “strong sell” rating in a report on Monday, April 13th. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $22.00 to $19.00 in a report on Monday, April 6th. Citizens Jmp began coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating for the company. Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a report on Monday, March 16th. Finally, Stephens began coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 target price for the company. Nine investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Rocket Companies has an average rating of “Hold” and a consensus price target of $20.40.

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.