Nordea Investment Management AB Acquires Shares of 98,264 Rocket Companies, Inc. $RKT

Nordea Investment Management AB bought a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, HoldingsChannel reports. The fund bought 98,264 shares of the company’s stock, valued at approximately $1,916,000.

A number of other hedge funds also recently made changes to their positions in the business. Durable Capital Partners LP purchased a new position in shares of Rocket Companies in the 3rd quarter worth about $213,010,000. ValueAct Holdings L.P. increased its holdings in Rocket Companies by 67.9% during the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after buying an additional 10,270,018 shares during the last quarter. Fred Alger Management LLC raised its position in Rocket Companies by 7,412.6% in the third quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock worth $117,807,000 after acquiring an additional 5,997,885 shares during the period. Vanguard Group Inc. raised its position in Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after acquiring an additional 5,226,931 shares during the period. Finally, Third Point LLC purchased a new position in Rocket Companies in the second quarter valued at about $67,355,000. 4.59% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total value of $57,475.00. Following the completion of the transaction, the director directly owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 10,000 shares of company stock valued at $215,700 over the last quarter. Corporate insiders own 92.64% of the company’s stock.

Rocket Companies Stock Performance

NYSE:RKT opened at $13.67 on Friday. The business’s fifty day moving average is $17.60 and its 200 day moving average is $18.41. The firm has a market cap of $38.56 billion, a price-to-earnings ratio of -105.18 and a beta of 2.30. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. Rocket Companies, Inc. has a 52-week low of $10.94 and a 52-week high of $24.36.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.09 by $0.02. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The firm’s revenue was up 52.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 EPS. Research analysts predict that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on RKT. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Wells Fargo & Company lifted their price target on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Keefe, Bruyette & Woods raised Rocket Companies from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $22.00 in a report on Monday, March 16th. Jefferies Financial Group assumed coverage on Rocket Companies in a research report on Friday, December 19th. They issued a “buy” rating and a $25.00 target price for the company. Finally, JPMorgan Chase & Co. started coverage on Rocket Companies in a research note on Monday, January 12th. They issued a “neutral” rating and a $24.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.80.

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.