OP Asset Management Ltd Acquires New Shares in Rocket Companies, Inc. $RKT

OP Asset Management Ltd bought a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the first quarter, Holdings Channel.com reports. The fund bought 169,725 shares of the company’s stock, valued at approximately $2,419,000.

Other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada grew its position in shares of Rocket Companies by 48.9% in the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after purchasing an additional 22,861 shares in the last quarter. Amundi boosted its stake in Rocket Companies by 3.1% in the 1st quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after purchasing an additional 997 shares during the period. AQR Capital Management LLC boosted its stake in 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 purchasing an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Rocket Companies by 12.2% during 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 valued at $4,473,000 after buying an additional 40,326 shares in the last quarter. Finally, Creative Planning grew its holdings in Rocket Companies by 17.2% during the 2nd quarter. Creative Planning now owns 18,215 shares of the company’s stock valued at $258,000 after buying an additional 2,679 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RKT shares. Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Wells Fargo & Company cut their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a research report on Thursday, April 9th. JPMorgan Chase & Co. decreased their target price on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Compass Point started coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Eight equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, Rocket Companies has an average rating of “Hold” and an average price target of $20.86.

Rocket Companies Trading Up 1.3%

Shares of RKT opened at $14.97 on Friday. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The firm has a market cap of $42.37 billion, a price-to-earnings ratio of 299.50 and a beta of 2.19. The firm has a 50 day moving average price of $14.24 and a 200-day moving average price of $16.72. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period in the prior year, the business posted $0.04 earnings per share. The company’s revenue was up 167.1% on a year-over-year basis. As a group, equities research analysts forecast that Rocket Companies, Inc. will post 0.63 earnings per share 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.