BI Asset Management Fondsmaeglerselskab A S Takes $790,000 Position in Rocket Companies, Inc. $RKT

BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 55,468 shares of the company’s stock, valued at approximately $790,000.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after acquiring an additional 5,226,931 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Rocket Companies during the 4th quarter worth approximately $40,455,000. Baker Chad R purchased a new position in shares of Rocket Companies during the 4th quarter valued at approximately $1,926,000. Hudson Bay Capital Management LP purchased a new position in shares of Rocket Companies during the 3rd quarter valued at approximately $13,728,000. Finally, Prescott Group Capital Management L.L.C. acquired a new position in shares of Rocket Companies in the 4th quarter valued at $4,259,000. 4.59% of the stock is owned by institutional investors.

Rocket Companies Trading Up 8.9%

Shares of RKT stock opened at $14.67 on Thursday. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two 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. The stock’s fifty day moving average is $14.27 and its two-hundred day moving average is $16.76. The firm has a market capitalization of $41.52 billion, a P/E ratio of 293.48 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the prior year, the firm earned $0.04 earnings per share. The company’s revenue for the quarter was up 167.1% compared to the same quarter last year. Research analysts expect that Rocket Companies, Inc. will post 0.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. JPMorgan Chase & Co. decreased their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. 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 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, Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. Eight equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $20.93.

Rocket Companies 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.