Norges Bank Buys Shares of 7,448,727 Rocket Companies, Inc. $RKT

Norges Bank bought a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 7,448,727 shares of the company’s stock, valued at approximately $144,207,000. Norges Bank owned about 0.35% of Rocket Companies at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brooktree Capital Management raised its position in shares of Rocket Companies by 27.5% during the third quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock worth $2,881,000 after acquiring an additional 32,088 shares during the last quarter. Cibc World Market Inc. bought a new position in shares of Rocket Companies during the third quarter worth about $2,689,000. Vanguard Group Inc. raised its position in shares of Rocket Companies by 29.5% during 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 last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of Rocket Companies during the fourth quarter worth about $40,455,000. Finally, Baker Chad R bought a new position in shares of Rocket Companies during the fourth quarter worth about $1,926,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company lowered their price objective 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. JPMorgan Chase & Co. decreased their target price on 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 Rocket Companies in a research note on Wednesday, March 25th. They set a “market perform” rating for the company. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Stephens initiated coverage on Rocket Companies in a research note on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price for the company. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Rocket Companies currently has an average rating of “Moderate Buy” and a consensus target price of $20.93.

Rocket Companies Trading Down 7.5%

Shares of Rocket Companies stock opened at $12.98 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. Rocket Companies, Inc. has a 52 week low of $12.38 and a 52 week high of $24.36. The stock has a 50 day moving average price of $14.59 and a two-hundred day moving average price of $17.29. The stock has a market capitalization of $36.72 billion, a PE ratio of 259.56 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the firm posted $0.04 earnings per share. The company’s revenue for the quarter was up 167.1% compared to the same quarter last year. As a group, equities analysts anticipate that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal 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.