Canton Hathaway LLC Acquires 144,780 Shares of Rocket Companies, Inc. $RKT

Canton Hathaway LLC lifted its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 686.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 165,880 shares of the company’s stock after buying an additional 144,780 shares during the period. Rocket Companies comprises about 0.5% of Canton Hathaway LLC’s portfolio, making the stock its 28th biggest holding. Canton Hathaway LLC’s holdings in Rocket Companies were worth $2,364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of RKT. Royal Bank of Canada boosted its stake in shares of Rocket Companies by 48.9% in the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after purchasing an additional 22,861 shares in the last quarter. Amundi increased its position in Rocket Companies by 3.1% during the 1st quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after purchasing an additional 997 shares in the last quarter. AQR Capital Management LLC lifted its stake in Rocket Companies by 1,086.5% in the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after purchasing an additional 366,716 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Rocket Companies by 12.2% in the 1st 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 purchasing an additional 40,326 shares during the last quarter. Finally, Creative Planning boosted its position in Rocket Companies by 17.2% in 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 in the last quarter. 4.59% of the stock is currently owned by institutional investors.

Rocket Companies Stock Up 0.7%

Shares of NYSE:RKT opened at $15.87 on Thursday. The firm has a market cap of $44.89 billion, a P/E ratio of 317.34 and a beta of 2.16. Rocket Companies, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36. The business has a fifty day simple moving average of $14.19 and a 200 day simple moving average of $16.63. 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 (NYSE:RKT) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business’s revenue was up 167.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.04 EPS. Analysts predict that Rocket Companies, Inc. will post 0.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Stephens initiated coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price target for the company. JPMorgan Chase & Co. lowered their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a report on Thursday, April 9th. Wells Fargo & Company dropped their target price on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Nine investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $20.87.

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.