90,471 Shares in Rocket Companies, Inc. $RKT Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management opened a new position in Rocket Companies, buying 90,471 shares valued at about $1.75 million in the fourth quarter.
• Rocket Companies reported a strong first quarter, with EPS of $0.15 and revenue of $2.82 billion, both ahead of estimates, while revenue jumped 167.1% year over year.
• Despite the earnings beat and recent stock momentum, analysts remain cautious overall: the consensus rating is Hold with an average price target of $21.00, and the company’s Q2 revenue guidance came in below expectations.

Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 90,471 shares of the company's stock, valued at approximately $1,752,000.

Several other institutional investors also recently added to or reduced their stakes in RKT. Brooktree Capital Management grew its holdings in Rocket Companies by 27.5% during the 3rd quarter. Brooktree Capital Management now owns 148,653 shares of the company's stock worth $2,881,000 after acquiring an additional 32,088 shares in the last quarter. Cibc World Market Inc. bought a new position in Rocket Companies during the 3rd quarter worth about $2,689,000. Udine Wealth Management Inc. grew its holdings in Rocket Companies by 86.1% during the 3rd quarter. Udine Wealth Management Inc. now owns 168,070 shares of the company's stock worth $3,257,000 after acquiring an additional 77,736 shares in the last quarter. Thames Capital Management LLC grew its holdings in Rocket Companies by 54.3% during the 3rd quarter. Thames Capital Management LLC now owns 1,106,003 shares of the company's stock worth $21,434,000 after acquiring an additional 389,101 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Rocket Companies by 29.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company's stock worth $444,684,000 after acquiring an additional 5,226,931 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company's stock.

Rocket Companies News Summary

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

• Positive Sentiment: Rocket Companies posted better-than-expected Q1 results, with earnings of $0.15 per share topping estimates and revenue of $2.82 billion beating forecasts, helped by a 167% year-over-year jump in revenue. Rocket Companies (RKT) Beats Q1 Earnings and Revenue Estimates
• Positive Sentiment: Management highlighted accelerating momentum from AI and acquisitions, with EBITDA more than tripling, reinforcing the idea that the company’s turnaround is taking hold. Rocket Companies Beats Estimates as AI and Acquisitions Accelerate the Turnaround
• Positive Sentiment: Shares also got a sentiment boost from unusually heavy call-option buying, suggesting traders are positioning for more upside after the earnings report.
• Neutral Sentiment: Rocket’s Q2 revenue guidance of $2.7 billion to $2.9 billion was below consensus, which could limit gains if investors focus on near-term execution rather than the quarterly beat. Rocket Companies trades higher as Q1 earnings top estimates, Q2 guidance below consensus
• Neutral Sentiment: Redfin’s report that pending home sales hit the highest level in nearly four years is a supportive backdrop for Rocket’s mortgage business, but it is indirect and not a company-specific catalyst. Redfin Reports Pending Home Sales Hit Highest Level in Nearly 4 Years

Analysts Set New Price Targets

Several research analysts have issued reports on RKT shares. Citizens Jmp started coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They set a "market perform" rating on the stock. JPMorgan Chase & Co. dropped 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. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Stephens started coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an "overweight" rating and a $22.50 target price on the stock. Finally, Compass Point started coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They set a "buy" rating and a $21.00 target price on the stock. Nine research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $21.00.

Rocket Companies Stock Up 10.9%

Rocket Companies stock opened at $15.69 on Friday. The firm has a market cap of $44.24 billion, a price-to-earnings ratio of 313.76 and a beta of 2.23. Rocket Companies, Inc. has a 52 week low of $11.08 and a 52 week high of $24.36. The business's 50-day moving average price is $15.16 and its 200 day moving average price is $17.70. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. Rocket Companies had a return on equity of 5.14% and a net margin of 2.78%.The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the company posted $0.04 earnings per share. Rocket Companies's revenue for the quarter was up 167.1% on a year-over-year basis. As a group, sell-side analysts anticipate 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.

Want to see what other hedge funds are holding RKT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rocket Companies, Inc. (NYSE:RKT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.