Fjarde AP Fonden Fourth Swedish National Pension Fund Grows Stock Holdings in Rocket Companies, Inc. $RKT

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 36.8% during the first quarter, HoldingsChannel reports. The firm owned 344,786 shares of the company’s stock after purchasing an additional 92,686 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Rocket Companies were worth $4,913,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. ORG Partners LLC increased its stake in Rocket Companies by 22.3% in the fourth quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock valued at $55,000 after purchasing an additional 520 shares during the last quarter. Manchester Capital Management LLC boosted its stake in Rocket Companies by 0.5% in the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after buying an additional 618 shares during the last quarter. Composition Wealth LLC grew its holdings in Rocket Companies by 2.7% in the 4th quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after buying an additional 668 shares during the period. Parallel Advisors LLC grew its holdings in Rocket Companies by 26.1% in the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after buying an additional 677 shares during the period. Finally, Red Door Wealth Management LLC increased its stake in shares of Rocket Companies by 6.7% during the 1st quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock valued at $159,000 after acquiring an additional 698 shares during the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RKT. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research note on Tuesday, June 16th. Compass Point initiated coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.87.

Rocket Companies Stock Performance

Shares of RKT stock opened at $15.58 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 company’s fifty day moving average price is $14.20 and its two-hundred day moving average price is $16.57. The firm has a market capitalization of $44.08 billion, a P/E ratio of 311.60 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.

Rocket Companies (NYSE:RKT) last announced 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. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period last year, the firm earned $0.04 earnings per share. The company’s revenue was up 167.1% on a year-over-year basis. On average, research analysts anticipate that Rocket Companies, Inc. will post 0.61 earnings per share for the current fiscal 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.