NFJ Investment Group LLC Takes $3.20 Million Position in Rocket Companies, Inc. $RKT

NFJ Investment Group LLC acquired a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 165,102 shares of the company’s stock, valued at approximately $3,196,000.

Several other institutional investors have also modified their holdings of the stock. Nicholas Investment Partners LP lifted its stake in shares of Rocket Companies by 37.0% in the 4th quarter. Nicholas Investment Partners LP now owns 227,872 shares of the company’s stock valued at $4,412,000 after purchasing an additional 61,580 shares during the last quarter. Fieldview Capital Management LLC bought a new stake in shares of Rocket Companies in the 4th quarter valued at approximately $391,000. Knollwood Investment Advisory LLC bought a new stake in shares of Rocket Companies in the 4th quarter valued at approximately $198,000. Entropy Technologies LP bought a new stake in shares of Rocket Companies in the 4th quarter valued at approximately $2,120,000. Finally, Arax Advisory Partners lifted its stake in shares of Rocket Companies by 604.4% in the 4th quarter. Arax Advisory Partners now owns 17,294 shares of the company’s stock valued at $335,000 after purchasing an additional 14,839 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RKT shares. Citizens Jmp started coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating for the company. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Stephens started coverage on Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective for the company. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a research note on Monday, May 11th. Finally, Keefe, Bruyette & Woods lowered their price objective on Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Rocket Companies presently has an average rating of “Moderate Buy” and an average price target of $20.93.

Rocket Companies Trading Down 0.1%

RKT opened at $13.06 on Monday. The stock’s fifty day moving average is $14.43 and its two-hundred day moving average is $17.09. The company has a market capitalization of $36.96 billion, a P/E ratio of 261.26 and a beta of 2.19. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13.

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