45,534 Shares in Rocket Companies, Inc. $RKT Bought by CIBC Asset Management Inc

CIBC Asset Management Inc bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 45,534 shares of the company’s stock, valued at approximately $882,000.

Other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada grew its position in Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after buying an additional 22,861 shares during the period. Amundi grew its position in Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after buying an additional 997 shares during the period. AQR Capital Management LLC grew its position in Rocket Companies by 1,086.5% during the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after buying an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Rocket Companies by 12.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock valued at $4,473,000 after buying an additional 40,326 shares during the period. Finally, Creative Planning grew its position in Rocket Companies by 17.2% during the second quarter. Creative Planning now owns 18,215 shares of the company’s stock valued at $258,000 after buying an additional 2,679 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on RKT. Wells Fargo & Company dropped their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. 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. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and cut their target price for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. Finally, 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 price objective for the company. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, Rocket Companies presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.93.

Rocket Companies Stock Performance

NYSE:RKT opened at $12.36 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The firm has a market capitalization of $34.97 billion, a price-to-earnings ratio of 247.20 and a beta of 2.19. The company’s 50-day moving average is $14.50 and its two-hundred day moving average is $17.20. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share 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 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 revenue was up 167.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 EPS. Analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current year.

Rocket Companies Company 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.