Nykredit A S Acquires Shares of 189,234 Rocket Companies, Inc. $RKT

Nykredit A S bought a new stake in Rocket Companies, Inc. (NYSE:RKT) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 189,234 shares of the company’s stock, valued at approximately $2,980,000.

Several other hedge funds and other institutional investors also recently modified their holdings of RKT. Price T Rowe Associates Inc. MD raised its holdings in shares of Rocket Companies by 11,636.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after buying an additional 25,966,725 shares in the last quarter. Morgan Stanley boosted its stake in Rocket Companies by 461.2% in the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after buying an additional 22,196,782 shares in the last quarter. State Street Corp boosted its stake in Rocket Companies by 323.9% in the fourth quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after buying an additional 15,807,776 shares in the last quarter. ValueAct Holdings L.P. grew its position in Rocket Companies by 55.1% in the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after acquiring an additional 13,985,025 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Rocket Companies by 265.0% in the fourth quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock valued at $299,939,000 after acquiring an additional 11,282,009 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

Shares of RKT stock opened at $14.10 on Monday. The business’s 50-day moving average price is $14.18 and its 200-day moving average price is $14.60. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The firm has a market capitalization of $39.93 billion, a price-to-earnings ratio of 100.71 and a beta of 2.20. The company has a current ratio of 4.85, a quick ratio of 4.85 and a debt-to-equity ratio of 1.16.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.16. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The firm’s revenue was up 91.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 earnings per share. Equities research analysts forecast that Rocket Companies, Inc. will post 0.53 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on RKT. Benchmark dropped their target price on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a report on Friday, August 7th. Stephens decreased their price target on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $18.00 to $19.00 in a research report on Thursday, July 16th. Keefe, Bruyette & Woods cut their target price on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, August 10th. Finally, Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Ten analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.87.

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.