171,439 Shares in Rocket Companies, Inc. $RKT Bought by DNB Asset Management AS

DNB Asset Management AS bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 171,439 shares of the company’s stock, valued at approximately $3,319,000.

Other institutional investors have also added to or reduced their stakes in the company. Cloud Capital Management LLC acquired a new position in Rocket Companies during the third quarter worth $25,000. Pinnacle Bancorp Inc. increased its holdings in Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after buying an additional 1,183 shares during the last quarter. City State Bank acquired a new position in Rocket Companies during the fourth quarter worth $30,000. Sound Income Strategies LLC increased its holdings in shares of Rocket Companies by 354.8% during the 4th quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock worth $38,000 after acquiring an additional 1,540 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. increased its holdings in shares of Rocket Companies by 875.0% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock worth $38,000 after acquiring an additional 1,750 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Performance

Shares of NYSE RKT opened at $12.64 on Wednesday. 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 stock’s fifty day moving average price is $14.74 and its two-hundred day moving average price is $17.51. Rocket Companies, Inc. has a one year low of $12.03 and a one year high of $24.36. The firm has a market cap of $35.65 billion, a price-to-earnings ratio of 252.82 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last issued 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 for the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the firm posted $0.04 EPS. The company’s revenue for the quarter was up 167.1% on a year-over-year basis. On average, equities analysts forecast that Rocket Companies, Inc. will post 0.63 EPS for the current year.

More Rocket Companies News

Here are the key news stories impacting Rocket Companies this week:

• Positive Sentiment: Rocket Mortgage and Redfin launched a new homebuyer savings program that can cut costs by up to $20,000 for eligible buyers who buy, sell, and finance through the two platforms. The offer may strengthen Rocket’s funnel by making its mortgage and brokerage ecosystem more attractive to consumers. Article: Rocket and Redfin Boost Home Affordability With New Offer, Saving Buyers Up To $20,000
• Positive Sentiment: Redfin reported that U.S. pending home sales surged, which is a favorable sign for Rocket Companies because stronger housing transaction activity can translate into more mortgage demand. Article: Why Rocket Companies (RKT) Stock Is Trading Up Today
• Neutral Sentiment: Redfin also said home price cuts are becoming slightly less common as the housing market stabilizes, suggesting improving conditions, but the impact on Rocket’s earnings is indirect and depends on whether buyer demand continues to build. Article: Price Drops Are Becoming Slightly Less Common As Housing Market Stabilizes
• Neutral Sentiment: Rocket’s presentation at the J.P. Morgan technology, media, and communications conference adds no clear new operating update in the headline alone, so it is less likely to be the primary driver of the stock move without additional details from the transcript. Article: Rocket Companies, Inc. Presents at J.P. Morgan Conference Transcript
• Negative Sentiment: A Seeking Alpha downgrade argued Rocket is a “bad bet” as housing conditions tighten. While opinionated, it reflects ongoing investor concern that a softer housing backdrop could limit upside. Article: Rocket Companies: A Bad Bet As Housing Conditions Tighten (Downgrade)

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RKT. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Stephens began coverage on Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. Keefe, Bruyette & Woods decreased their target price on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. Citizens Jmp began coverage on Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating on the stock. Finally, Compass Point began coverage on Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.93.

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.