Forsta AP Fonden Buys New Shares in Rocket Companies, Inc. $RKT

Forsta AP Fonden bought a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 178,971 shares of the company’s stock, valued at approximately $3,465,000.

Other hedge funds have also made changes to their positions in the company. Pinnacle Bancorp Inc. lifted its stake in shares of Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after buying an additional 1,183 shares during the period. City State Bank bought a new stake in shares of Rocket Companies in the fourth quarter valued at about $30,000. Smithfield Trust Co bought a new stake in shares of Rocket Companies in the fourth quarter valued at about $32,000. Key Financial Inc bought a new stake in shares of Rocket Companies in the fourth quarter valued at about $32,000. Finally, Private Capital Management LLC bought a new stake in shares of Rocket Companies in the third quarter valued at about $182,000. Institutional investors own 4.59% of the company’s stock.

Analyst Ratings Changes

RKT has been the subject of several research reports. Stephens initiated coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 target price for the company. JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Citizens Jmp initiated coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating for the company. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Rocket Companies has an average rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Stock Down 0.8%

Shares of RKT opened at $14.07 on Wednesday. The stock has a market cap of $39.81 billion, a price-to-earnings ratio of 281.42 and a beta of 2.19. 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 12 month low of $12.31 and a 12 month high of $24.36. The company has a 50-day moving average price of $14.60 and a two-hundred day moving average price of $17.35.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company’s revenue was up 167.1% on a year-over-year basis. During the same quarter last year, the business posted $0.04 earnings per share. Equities analysts predict that Rocket Companies, Inc. will post 0.65 EPS 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.