Lansforsakringar Fondforvaltning AB publ Sells 36,513 Shares of Rocket Companies, Inc. $RKT

Lansforsakringar Fondforvaltning AB publ lowered its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 11.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 274,034 shares of the company’s stock after selling 36,513 shares during the period. Lansforsakringar Fondforvaltning AB publ’s holdings in Rocket Companies were worth $3,905,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after acquiring an additional 64,311,040 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Rocket Companies by 11,636.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after purchasing an additional 25,966,725 shares during the period. Morgan Stanley increased its holdings in Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after purchasing an additional 22,196,782 shares during the period. State Street Corp raised its position in Rocket Companies by 323.9% during the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock valued at $400,526,000 after purchasing an additional 15,807,776 shares during the last quarter. Finally, ValueAct Holdings L.P. raised its position in Rocket Companies by 55.1% during the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after purchasing an additional 13,985,025 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on RKT. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a report on Monday, May 11th. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. cut their price target on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Finally, Citizens Jmp began coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.87.

Rocket Companies Stock Performance

Shares of RKT opened at $15.72 on Friday. The company has a 50-day simple moving average of $14.19 and a two-hundred day simple moving average of $16.61. 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 firm has a market capitalization of $44.49 billion, a PE ratio of 314.46 and a beta of 2.16. Rocket Companies, Inc. has a one year low of $12.17 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping 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 the consensus estimate of $2.76 billion. During the same quarter in the prior year, the business earned $0.04 EPS. The business’s revenue for the quarter was up 167.1% on a year-over-year basis. On average, analysts anticipate that Rocket Companies, Inc. will post 0.63 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.