Fjarde AP Fonden Fourth Swedish National Pension Fund Makes New Investment in Rocket Companies, Inc. $RKT

Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, Holdings Channel.com reports. The firm acquired 252,100 shares of the company’s stock, valued at approximately $4,881,000.

Other institutional investors also recently bought and sold shares of the company. Pinnacle Bancorp Inc. increased its holdings in Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares during the period. City State Bank purchased a new position in Rocket Companies during the 4th quarter worth $30,000. Smithfield Trust Co purchased a new position in Rocket Companies during the 4th quarter worth $32,000. Key Financial Inc purchased a new position in Rocket Companies during the 4th quarter worth $32,000. Finally, Private Capital Management LLC purchased a new position in Rocket Companies during the 3rd quarter worth $182,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Trading Down 2.3%

Shares of NYSE:RKT opened at $12.36 on Tuesday. Rocket Companies, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36. The business’s fifty day simple moving average is $14.50 and its 200-day simple moving average is $17.20. The company has a market capitalization of $34.97 billion, a PE ratio of 247.20 and a beta of 2.19. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (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 business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period last year, the business posted $0.04 EPS. The business’s revenue was up 167.1% compared to the same quarter last year. As a group, equities research analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the company. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $22.00 to $19.00 in a report on Monday, April 6th. Keefe, Bruyette & Woods reduced their price objective on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Tuesday, May 12th. JPMorgan Chase & Co. cut their price target on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Wells Fargo & Company cut their price target on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Finally, Compass Point began coverage on Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Rocket Companies presently has an average rating of “Moderate Buy” and a consensus target price 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.