Rocket Companies, Inc. $RKT Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 78.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 120,016 shares of the company’s stock after acquiring an additional 52,613 shares during the quarter. New York State Common Retirement Fund’s holdings in Rocket Companies were worth $2,326,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in Rocket Companies by 48.9% in the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after purchasing an additional 22,861 shares in the last quarter. Amundi boosted its stake 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 in the last quarter. AQR Capital Management LLC boosted its stake 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Rocket Companies by 12.2% during 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 worth $4,473,000 after acquiring an additional 40,326 shares during the period. Finally, Truist Financial Corp raised its position in Rocket Companies by 56.4% in the second quarter. Truist Financial Corp now owns 15,806 shares of the company’s stock worth $224,000 after acquiring an additional 5,697 shares in the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction 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 directly owned 1,038,536 shares in the company, valued at $23,875,942.64. This represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 40,000 shares of company stock valued at $779,425 in the last quarter. 92.64% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

RKT has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Rocket Companies from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $22.00 target price (up from $16.00) on shares of Rocket Companies in a report on Wednesday, October 29th. JPMorgan Chase & Co. began coverage on shares of Rocket Companies in a research report on Monday, January 12th. They set a “neutral” rating and a $24.00 price target for the company. Finally, Jefferies Financial Group initiated coverage on Rocket Companies in a report on Friday, December 19th. They issued a “buy” rating and a $25.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $20.50.

Rocket Companies Stock Down 1.7%

RKT stock opened at $18.87 on Monday. The company has a debt-to-equity ratio of 2.16, a current ratio of 19.68 and a quick ratio of 19.68. The company’s 50 day simple moving average is $20.23 and its 200-day simple moving average is $18.74. Rocket Companies, Inc. has a 12 month low of $10.94 and a 12 month high of $24.36. The firm has a market capitalization of $39.71 billion, a PE ratio of 235.90 and a beta of 2.31.

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.