TD Asset Management Inc Has $3.46 Million Holdings in Rocket Companies, Inc. $RKT

TD Asset Management Inc increased its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 1,395.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 178,498 shares of the company’s stock after acquiring an additional 166,563 shares during the period. TD Asset Management Inc’s holdings in Rocket Companies were worth $3,459,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cloud Capital Management LLC acquired a new position in Rocket Companies during the third quarter valued at approximately $25,000. Miller Wealth Advisors LLC grew its stake in Rocket Companies by 65.0% in the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after buying an additional 650 shares during the last quarter. North Capital Inc. raised its holdings in Rocket Companies by 287.2% in the 2nd quarter. North Capital Inc. now owns 1,820 shares of the company’s stock worth $26,000 after acquiring an additional 1,350 shares during the period. Geneos Wealth Management Inc. acquired a new position in Rocket Companies during the 3rd quarter worth $38,000. Finally, CX Institutional bought a new stake in Rocket Companies during the third quarter valued at about $39,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Down 2.1%

Shares of RKT stock opened at $16.44 on Wednesday. Rocket Companies, Inc. has a one year low of $10.94 and a one year high of $24.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 19.68. The stock has a fifty day moving average price of $19.91 and a 200 day moving average price of $18.90. The stock has a market cap of $34.60 billion, a P/E ratio of -126.46 and a beta of 2.30.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the company posted $0.04 EPS. The business’s revenue was up 52.2% on a year-over-year basis. Analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RKT shares. Oppenheimer started coverage on Rocket Companies in a research note on Thursday, November 13th. They issued an “outperform” rating and a $25.00 price objective on the stock. Keefe, Bruyette & Woods upped their price target on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Jefferies Financial Group began coverage on shares of Rocket Companies in a research note on Friday, December 19th. They set a “buy” rating and a $25.00 target price for the company. Finally, Barclays set a $22.00 price target on shares of Rocket Companies and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Rocket Companies has a consensus rating of “Hold” and an average price target of $20.64.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $21.26, for a total transaction of $53,150.00. Following the completion of the transaction, the director owned 1,046,036 shares in the company, valued at $22,238,725.36. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 32,500 shares of company stock valued at $645,775 over the last three months. Corporate insiders own 92.64% of the company’s stock.

Rocket Companies 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.