Rocket Companies, Inc. $RKT Shares Purchased by Andra AP fonden

Andra AP fonden grew its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 48.0% during the first quarter, HoldingsChannel reports. The institutional investor owned 729,357 shares of the company’s stock after buying an additional 236,632 shares during the quarter. Andra AP fonden’s holdings in Rocket Companies were worth $10,393,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in RKT. Truvestments Capital LLC bought a new stake in shares of Rocket Companies in the 4th quarter valued at approximately $26,000. Acumen Wealth Advisors LLC acquired a new position in Rocket Companies in the fourth quarter worth $26,000. Pinnacle Bancorp Inc. boosted its holdings in Rocket Companies by 369.7% in the fourth 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 period. City State Bank bought a new stake in Rocket Companies during the fourth quarter valued at $30,000. Finally, Smithfield Trust Co bought a new stake in Rocket Companies during the fourth quarter valued at $32,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada restated a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a research report on Monday, May 11th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Wells Fargo & Company cut their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Finally, JPMorgan Chase & Co. decreased their target price on Rocket Companies from $16.00 to $15.50 and set a “neutral” rating for the company in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average target price of $20.73.

Rocket Companies Stock Down 2.5%

RKT stock opened at $13.64 on Wednesday. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The firm’s 50-day simple moving average is $14.08 and its 200 day simple moving average is $16.19. The stock has a market cap of $38.61 billion, a PE ratio of 272.90 and a beta of 2.16.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period in the previous year, the business posted $0.04 EPS. Rocket Companies’s revenue was up 167.1% on a year-over-year basis. As a group, sell-side analysts predict that Rocket Companies, Inc. will post 0.58 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.