© Reuters.
Barclays initiated coverage on Detroit-based Rocket Companies Inc (NYSE:RKT), a prominent holding company known for its consumer finance and technology brands like Rocket Mortgage, with an Underweight rating on Wednesday. The financial institution set a one-year price target of $9.53 for Rocket Companies, indicating a modest potential rise of 3.34% from the company’s last closing price of $9.22.
Rocket Companies, established in 1985, has consistently been recognized for its workplace culture, making it onto Fortune magazine’s list of ‘100 Best Companies to Work For’ for 17 straight years. The company boasts a substantial workforce of 22,000 team members across its various brands.
The projected annual revenue for Rocket Companies stands at approximately $4.268 billion, coupled with a non-GAAP EPS (Earnings Per Share) of $0.02. A put/call ratio at 0.56 suggests a bullish sentiment in the market towards the company’s stock.
Recent movements in institutional investments show a mixed picture. While some funds have increased their positions, others have scaled back. Notably:
- Boston Partners has doubled its stake in Rocket Companies, now holding 5.814 million shares.
- Caledonia (Private) Investments Pty has trimmed its investment by 9.08%, bringing its share count down to 4.862 million.
- Technology Crossover Management X remains invested with 4.450 million shares.
- Invesco Oppenheimer Main Street Fund Class C has marginally increased its holdings by 1.83% to 4.364 million shares.
- Capital World Investors has also slightly raised its stake to 3.632 million shares.
Overall, institutional ownership has decreased by 1.54%, totaling 97.222 million shares. This change reflects the dynamic nature of market participation among funds and institutions, with an average portfolio weight dedicated to Rocket Companies at 0.10%.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here
