Forsta AP Fonden Invests $3.47 Million in Rocket Companies, Inc. $RKT

Forsta AP Fonden purchased a new position in Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 178,971 shares of the company’s stock, valued at approximately $3,465,000.

Several other hedge funds have also recently bought and sold shares of RKT. Pinnacle Bancorp Inc. increased its position in Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after buying an additional 1,183 shares during the last quarter. City State Bank acquired a new position in Rocket Companies during the fourth quarter worth $30,000. Smithfield Trust Co acquired a new position in Rocket Companies during the fourth quarter worth $32,000. Key Financial Inc acquired a new position in Rocket Companies during the fourth quarter worth $32,000. Finally, Sound Income Strategies LLC increased its position in Rocket Companies by 354.8% during the fourth quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock worth $38,000 after buying an additional 1,540 shares during the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on RKT. Citizens Jmp began coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating on the stock. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report 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 report on Monday, May 11th. Stephens began coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. Finally, Compass Point began coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.93.

Rocket Companies Trading Down 0.8%

Shares of NYSE:RKT opened at $14.07 on Wednesday. The company has a market cap of $39.81 billion, a P/E ratio of 281.42 and a beta of 2.19. The stock’s 50-day moving average is $14.60 and its 200-day moving average is $17.35. Rocket Companies, Inc. has a 52-week low of $12.31 and a 52-week high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37.

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