Alberta Investment Management Corp Invests $6.64 Million in Rocket Companies, Inc. (NYSE:RKT)

Key Points

• Alberta Investment Management Corp purchased 550,000 shares of Rocket Companies, Inc. for approximately $6,638,000 during the first quarter, marking a significant institutional investment in the stock.
• Rocket Companies' stock experienced an increase of 12.1%, trading at $16.55 with a market capitalization of $33.10 billion, and a notable PE ratio of -331.00.
• Several analysts have revised their price targets for Rocket Companies, with the consensus rating sitting at "Hold" and an average price target of $14.58.

Alberta Investment Management Corp purchased a new position in Rocket Companies, Inc. (NYSE:RKT - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 550,000 shares of the company's stock, valued at approximately $6,638,000.

A number of other large investors also recently added to or reduced their stakes in the business. Mather Group LLC. raised its holdings in Rocket Companies by 312.2% during the 1st quarter. Mather Group LLC. now owns 2,601 shares of the company's stock valued at $31,000 after buying an additional 1,970 shares during the period. Parallel Advisors LLC raised its holdings in Rocket Companies by 302.2% during the 1st quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock valued at $36,000 after buying an additional 2,221 shares during the period. Itau Unibanco Holding S.A. purchased a new stake in Rocket Companies during the 4th quarter valued at $47,000. GAMMA Investing LLC raised its holdings in Rocket Companies by 82.4% during the 1st quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock valued at $47,000 after buying an additional 1,764 shares during the period. Finally, Signaturefd LLC raised its holdings in Rocket Companies by 147.1% during the 1st quarter. Signaturefd LLC now owns 4,372 shares of the company's stock valued at $53,000 after buying an additional 2,603 shares during the period. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Stock Up 12.1%

NYSE RKT traded up $1.78 during trading on Friday, hitting $16.55. The company's stock had a trading volume of 55,947,097 shares, compared to its average volume of 23,350,120. The company has a debt-to-equity ratio of 2.36, a current ratio of 18.74 and a quick ratio of 12.62. The company has a market cap of $33.10 billion, a PE ratio of -331.00 and a beta of 2.28. The business's 50 day simple moving average is $13.98 and its 200-day simple moving average is $13.34. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $21.38.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. Rocket Companies had a positive return on equity of 3.18% and a negative net margin of 0.01%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the company earned $0.06 earnings per share. The company's quarterly revenue was up 4.5% on a year-over-year basis. On average, equities analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on RKT. Keefe, Bruyette & Woods increased their price target on Rocket Companies from $13.00 to $14.00 and gave the company a "market perform" rating in a report on Thursday, July 10th. Barclays increased their price target on Rocket Companies from $14.00 to $16.00 and gave the company an "equal weight" rating in a report on Friday. The Goldman Sachs Group increased their target price on Rocket Companies from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Jefferies Financial Group increased their target price on Rocket Companies from $11.50 to $14.00 and gave the stock a "hold" rating in a research note on Tuesday, July 22nd. Finally, UBS Group increased their target price on Rocket Companies from $13.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $14.54.

Rocket Companies Company Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.