Royal Bank of Canada Buys 409,653 Shares of Rocket Companies, Inc. $RKT

Royal Bank of Canada boosted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 34.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,606,227 shares of the company’s stock after acquiring an additional 409,653 shares during the period. Royal Bank of Canada’s holdings in Rocket Companies were worth $22,889,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Empowered Funds LLC grew its position in shares of Rocket Companies by 160.6% during the 1st quarter. Empowered Funds LLC now owns 173,262 shares of the company’s stock valued at $2,469,000 after purchasing an additional 106,779 shares in the last quarter. FACT Capital LP purchased a new stake in shares of Rocket Companies in the first quarter worth $2,012,000. Quantinno Capital Management LP boosted its stake in Rocket Companies by 110.4% during the first quarter. Quantinno Capital Management LP now owns 1,079,686 shares of the company’s stock valued at $15,386,000 after buying an additional 566,619 shares during the period. Delta Global Management LP boosted its stake in Rocket Companies by 21.4% during the first quarter. Delta Global Management LP now owns 981,153 shares of the company’s stock valued at $13,981,000 after buying an additional 173,069 shares during the period. Finally, Lombard Odier Asset Management Switzerland SA grew its position in Rocket Companies by 25.2% during the first quarter. Lombard Odier Asset Management Switzerland SA now owns 28,800 shares of the company’s stock worth $410,000 after buying an additional 5,800 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Down 1.7%

NYSE:RKT opened at $13.87 on Thursday. The firm has a market capitalization of $39.23 billion, a P/E ratio of 277.30 and a beta of 2.19. 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 company has a fifty day moving average of $14.04 and a 200 day moving average of $15.55. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week 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 (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 company had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same period last year, the firm earned $0.04 earnings per share. Rocket Companies’s quarterly revenue was up 167.1% on a year-over-year basis. On average, research analysts predict that Rocket Companies, Inc. will post 0.54 earnings per share for the current year.

More Rocket Companies News

Here are the key news stories impacting Rocket Companies this week:

• Positive Sentiment: Rocket Companies saw unusually strong call-option activity, with investors purchasing 72,848 calls—49% above average volume. This may indicate speculative bullish positioning ahead of earnings, although options activity is not a guarantee of future performance.
• Positive Sentiment: Affordability for U.S. starter homes improved for the eighth consecutive month, while the income needed to purchase a typical starter home declined 1.5% year over year. Improving entry-level affordability could support housing demand and mortgage origination activity for Rocket. Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market
• Neutral Sentiment: Rocket is scheduled to report second-quarter results tomorrow. Investors are likely focused on revenue, mortgage production, gain-on-sale margins, and management’s outlook, making the report a near-term catalyst for the stock. Earnings to watch: Rocket Companies reports Q2 results tomorrow
• Neutral Sentiment: Wall Street’s preview of Rocket’s second-quarter results is highlighting operating metrics beyond headline revenue and earnings estimates. The analysis reinforces that the market will scrutinize the quality and sustainability of the quarter’s performance. Wall Street’s Insights Into Key Metrics Ahead of Rocket Companies Q2 Earnings
• Neutral Sentiment: RBC Capital maintained a Hold rating on Rocket Companies, signaling neither a strong bullish nor bearish view and potentially limiting positive analyst-driven momentum. RBC Capital Sticks to Their Hold Rating for Rocket Companies
• Negative Sentiment: Affordability for a typical U.S. home remains strained: required income is near a record $110,000 and approximately $22,000 above median household income. Persistent affordability challenges could weigh on overall home transactions and mortgage demand, despite improvement among starter-home buyers. The Income Needed to Afford Typical American Home Holds Steady Near Record High

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Stephens initiated coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price target for the company. Barclays decreased their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Wells Fargo & Company lowered their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Rocket Companies from $16.00 to $15.50 and set a “neutral” rating for the company in a report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.73.

Rocket Companies 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.