Rocket Companies, Inc. $RKT Shares Acquired by Andra AP fonden

Andra AP fonden increased its position in Rocket Companies, Inc. (NYSE:RKT) by 48.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 729,357 shares of the company’s stock after purchasing an additional 236,632 shares during the period. Andra AP fonden’s holdings in Rocket Companies were worth $10,393,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. acquired a new stake in Rocket Companies during the fourth quarter worth about $40,455,000. Vanguard Group Inc. lifted its stake in shares of Rocket Companies by 280.3% in the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after purchasing an additional 64,311,040 shares in the last quarter. Baker Chad R purchased a new stake in shares of Rocket Companies during the 4th quarter worth about $1,926,000. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Rocket Companies during the 4th quarter worth about $4,259,000. Finally, Nordea Investment Management AB acquired a new stake in Rocket Companies during the 4th quarter worth approximately $1,916,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on RKT shares. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $18.00 to $19.00 in a report on Thursday, July 16th. Benchmark assumed coverage on Rocket Companies in a research note on Monday, June 29th. They set a “buy” rating and a $21.00 price objective on the stock. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. lowered their target price on Rocket Companies from $16.00 to $15.50 and set a “neutral” rating for the company in a research note on Monday, July 13th. Finally, Barclays dropped their target price on Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average target price of $20.73.

Rocket Companies Price Performance

RKT stock opened at $13.64 on Wednesday. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies, Inc. has a 52-week low of $12.17 and a 52-week high of $24.36. The stock’s 50 day moving average is $14.08 and its two-hundred day moving average is $16.19. The company has a market capitalization of $38.61 billion, a PE ratio of 272.90 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.Rocket Companies’s quarterly revenue was up 167.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 EPS. Analysts predict that Rocket Companies, Inc. will post 0.58 earnings per share for the current fiscal year.

Rocket Companies 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.