Norges Bank Buys New Position in Rocket Companies, Inc. $RKT

Norges Bank bought a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, HoldingsChannel.com reports. The fund bought 7,448,727 shares of the company’s stock, valued at approximately $144,207,000.

Several other hedge funds also recently modified their holdings of RKT. Royal Bank of Canada boosted its position in shares of Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after buying an additional 22,861 shares during the last quarter. Amundi lifted its holdings in Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after acquiring an additional 997 shares during the period. AQR Capital Management LLC lifted its holdings in Rocket Companies by 1,086.5% during the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after acquiring an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Rocket Companies by 12.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after acquiring an additional 40,326 shares during the period. Finally, Creative Planning lifted its holdings in Rocket Companies by 17.2% during the second quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after acquiring an additional 2,679 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

Rocket Companies stock opened at $12.98 on Thursday. Rocket Companies, Inc. has a 52 week low of $12.38 and a 52 week high of $24.36. The business has a 50-day simple moving average of $14.59 and a 200 day simple moving average of $17.29. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a market cap of $36.72 billion, a price-to-earnings ratio of 259.56 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the previous year, the business earned $0.04 earnings per share. The firm’s revenue was up 167.1% on a year-over-year basis. On average, research analysts forecast that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RKT shares. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. JPMorgan Chase & Co. lowered their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. Finally, Citizens Jmp assumed coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.93.

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.