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

Swiss National Bank boosted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 7.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,696,000 shares of the company’s stock after purchasing an additional 180,500 shares during the quarter. Swiss National Bank’s holdings in Rocket Companies were worth $38,418,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Truvestments Capital LLC purchased a new stake in Rocket Companies during the fourth quarter worth approximately $26,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Rocket Companies in the fourth quarter worth $26,000. Pinnacle Bancorp Inc. raised its stake in shares of Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after acquiring an additional 1,183 shares during the period. City State Bank purchased a new position in shares of Rocket Companies in the 4th quarter valued at $30,000. Finally, Smithfield Trust Co acquired a new position in shares of Rocket Companies during the 4th quarter valued at $32,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RKT. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $16.00 to $15.50 and set a “neutral” rating on the stock in a research note on Monday, July 13th. Wells Fargo & Company decreased their target price on 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. Benchmark assumed coverage on Rocket Companies in a research note on Monday, June 29th. They issued a “buy” rating and a $21.00 target price for the company. Finally, Morgan Stanley raised Rocket Companies from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $18.00 to $19.00 in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, Rocket Companies presently has an average 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. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The firm has a market capitalization of $38.08 billion, a P/E ratio of 269.18 and a beta of 2.16. The company’s fifty day moving average price is $14.08 and its two-hundred day moving average price is $16.15.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The firm’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 EPS. On average, research analysts anticipate that Rocket Companies, Inc. will post 0.58 earnings per share for the current fiscal year.

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.