Diamond Hill Capital Management LLC Investment Advisor Buys New Position in Rocket Companies, Inc. $RKT

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 4,304,454 shares of the company’s stock, valued at approximately $67,795,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada raised its position in Rocket Companies by 48.9% in the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after buying an additional 22,861 shares during the last quarter. Amundi boosted its holdings in Rocket Companies by 3.1% during the 1st quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after acquiring an additional 997 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Rocket Companies by 1,086.5% in the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after acquiring an additional 366,716 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Rocket Companies by 12.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after acquiring an additional 40,326 shares in the last quarter. Finally, Creative Planning raised its holdings in shares of Rocket Companies by 17.2% in the second quarter. Creative Planning now owns 18,215 shares of the company’s stock valued at $258,000 after purchasing an additional 2,679 shares during the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RKT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, August 10th. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $18.00 to $19.00 in a research note on Thursday, July 16th. Benchmark dropped their target price on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. cut their target price on Rocket Companies from $15.50 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, Rocket Companies currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.87.

Rocket Companies Stock Performance

NYSE RKT opened at $14.79 on Monday. The company has a market capitalization of $41.87 billion, a PE ratio of 105.61 and a beta of 2.19. The company has a debt-to-equity ratio of 1.16, a quick ratio of 4.85 and a current ratio of 4.85. Rocket Companies, Inc. has a 52-week low of $12.17 and a 52-week high of $24.36. The company has a 50-day simple moving average of $14.10 and a 200 day simple moving average of $15.17.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.16. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same period in the previous year, the company earned $0.04 earnings per share. The company’s quarterly revenue was up 91.9% on a year-over-year basis. On average, research analysts predict that Rocket Companies, Inc. will post 0.53 EPS 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.