Rocket Companies, Inc. $RKT Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 14.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 337,614 shares of the company’s stock after acquiring an additional 42,570 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Rocket Companies were worth $3,886,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Amundi increased its stake in shares of Rocket Companies by 152.1% during the 1st quarter. Amundi now owns 13,725,878 shares of the company’s stock worth $195,594,000 after purchasing an additional 8,280,463 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Rocket Companies by 64.5% in the 2nd quarter. Wellington Management Group LLP now owns 9,029,295 shares of the company’s stock valued at $142,211,000 after purchasing an additional 3,541,916 shares during the period. Atreides Management LP lifted its stake in Rocket Companies by 69.7% in the 1st quarter. Atreides Management LP now owns 6,114,947 shares of the company’s stock valued at $87,138,000 after purchasing an additional 2,512,384 shares during the last quarter. Maple Rock Capital Partners Inc. lifted its stake in Rocket Companies by 76.9% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 5,543,600 shares of the company’s stock valued at $87,312,000 after purchasing an additional 2,410,400 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Rocket Companies in the 2nd quarter valued at about $74,874,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RKT shares. Keefe, Bruyette & Woods reduced their price target on Rocket Companies from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, August 10th. Wells Fargo & Company set a $13.00 price objective on Rocket Companies and gave the company an “equal weight” rating in a research note on Tuesday, October 6th. Barclays cut their price objective on Rocket Companies from $17.00 to $15.00 and set an “overweight” rating for the company in a research report on Monday, October 5th. Benchmark reduced their target price on Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Finally, Morgan Stanley set a $16.00 target price on Rocket Companies and gave the stock an “overweight” rating in a research note on Monday, October 12th. Seven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Rocket Companies currently has an average rating of “Moderate Buy” and a consensus price target of $18.18.

Rocket Companies Stock Performance

Shares of NYSE RKT traded down $0.01 during mid-day trading on Friday, reaching $13.70. 19,513,277 shares of the company were exchanged, compared to its average volume of 38,410,316. The company’s 50-day simple moving average is $12.48 and its 200-day simple moving average is $14.38. The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $38.87 billion, a P/E ratio of 30.43, a P/E/G ratio of 4.15 and a beta of 2.27. Rocket Companies, Inc. has a twelve month low of $10.18 and a twelve month high of $24.36.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.58 billion. Rocket Companies had a net margin of 11.14% and a return on equity of 5.33%. Rocket Companies’s quarterly revenue was up 37.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.07 EPS. As a group, research analysts predict that Rocket Companies, Inc. will post 0.47 earnings per share for the current year.

Insider Transactions at Rocket Companies

In other news, CEO Jesse Bray sold 225,000 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $13.75, for a total transaction of $3,093,750.00. Following the completion of the sale, the chief executive officer owned 7,503,027 shares in the company, valued at $103,166,621.25. The trade was a 2.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 675,000 shares of company stock worth $8,780,824 in the last three months. Company insiders own 57.68% of the company’s stock.

Rocket Companies Company Profile

Rocket Companies is a Detroit-based financial technology company whose businesses help consumers navigate homeownership and personal finance. Its services include mortgage lending and refinancing, online real estate search, title and closing services, and personal loans. Its flagship business, Rocket Mortgage, offers a digital mortgage application and lending process. Other brands include Rocket Homes, which connects homebuyers with real estate services, and Amrock, which provides title, settlement, and valuation services.