Nomura Asset Management Co. Ltd. Invests $5.37 Million in Rocket Companies, Inc. $RKT

Nomura Asset Management Co. Ltd. bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 277,200 shares of the company’s stock, valued at approximately $5,367,000.

Several other hedge funds have also modified their holdings of RKT. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 280.3% during the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after acquiring an additional 64,311,040 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Rocket Companies by 265.0% during the 4th quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock worth $299,939,000 after acquiring an additional 11,282,009 shares in the last quarter. Durable Capital Partners LP purchased a new stake in shares of Rocket Companies during the 3rd quarter worth about $213,010,000. ValueAct Holdings L.P. boosted its stake in shares of Rocket Companies by 67.9% during the 3rd quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after acquiring an additional 10,270,018 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Rocket Companies during the 4th quarter worth about $144,207,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Trading Up 2.5%

Shares of Rocket Companies stock opened at $13.26 on Friday. The firm has a market capitalization of $37.52 billion, a PE ratio of 265.22 and a beta of 2.19. Rocket Companies, Inc. has a twelve month low of $12.38 and a twelve month high of $24.36. The firm’s 50-day moving average price is $14.57 and its 200 day moving average price is $17.26. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. Rocket Companies’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same period last year, the company posted $0.04 EPS. On average, sell-side analysts predict that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Analysts Set New Price Targets

RKT has been the topic of several recent analyst reports. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Royal Bank Of Canada reissued a “sector perform” rating and set a $20.00 target price on shares of Rocket Companies in a research note on Monday, May 11th. Compass Point began coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 12th. Finally, Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.93.

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.