Rocket Companies, Inc. $RKT Shares Bought by Swiss National Bank

Swiss National Bank lifted its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 7.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,696,000 shares of the company’s stock after acquiring an additional 180,500 shares during the period. Swiss National Bank owned 0.10% of Rocket Companies worth $38,418,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Rocket Companies by 280.3% during the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock worth $1,689,287,000 after purchasing an additional 64,311,040 shares during the last quarter. ValueAct Holdings L.P. raised its position in shares of Rocket Companies by 55.1% in the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock valued at $762,409,000 after buying an additional 13,985,025 shares during the last quarter. Nuveen LLC lifted its stake in shares of Rocket Companies by 5.5% during the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after buying an additional 1,706,659 shares during the period. Morgan Stanley boosted its position in Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock worth $522,900,000 after acquiring an additional 22,196,782 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Rocket Companies by 11,636.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock worth $507,037,000 after acquiring an additional 25,966,725 shares during the last quarter. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Citizens Jmp initiated coverage on Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating for the company. Benchmark initiated coverage on Rocket Companies in a report on Monday, June 29th. They set a “buy” rating and a $21.00 price objective on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Morgan Stanley upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $18.00 to $19.00 in a research note on Thursday, July 16th. Finally, Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average target price of $20.73.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.46 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The firm has a market capitalization of $38.08 billion, a price-to-earnings ratio of 269.18 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. The company has a 50 day moving average price of $14.08 and a 200 day moving average price of $16.15.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. Rocket Companies’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same quarter last year, the business earned $0.04 EPS. Sell-side analysts anticipate that Rocket Companies, Inc. will post 0.58 EPS for the current year.

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.