Handelsbanken Fonder AB Invests $993,000 in Rocket Companies, Inc. $RKT

Handelsbanken Fonder AB acquired a new position in Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 51,301 shares of the company’s stock, valued at approximately $993,000.

Other hedge funds also recently made changes to their positions in the company. Cloud Capital Management LLC acquired a new position in shares of Rocket Companies in the 3rd quarter worth approximately $25,000. Pinnacle Bancorp Inc. grew its stake in shares of Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank acquired a new position in shares of Rocket Companies in the 4th quarter worth approximately $30,000. Private Capital Management LLC acquired a new position in shares of Rocket Companies in the 3rd quarter worth approximately $182,000. Finally, Newbridge Financial Services Group Inc. grew its stake in shares of Rocket Companies by 875.0% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock worth $38,000 after purchasing an additional 1,750 shares during the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RKT shares. 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. Stephens started coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective on the stock. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. Wells Fargo & Company lowered their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Finally, Citizens Jmp assumed coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.93.

Rocket Companies Stock Performance

Rocket Companies stock opened at $14.06 on Wednesday. The firm’s 50 day simple moving average is $14.63 and its 200-day simple moving average is $17.41. The company has a market cap of $39.78 billion, a P/E ratio of 281.20 and a beta of 2.23. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies, Inc. has a fifty-two week low of $12.25 and a fifty-two week high of $24.36.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.03. The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same period last year, the firm posted $0.04 earnings per share. As a group, equities research analysts predict that Rocket Companies, Inc. will post 0.63 EPS for the current year.

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.