Amundi Buys 8,280,463 Shares of Rocket Companies, Inc. $RKT

Key Points

• Amundi significantly increased its Rocket Companies position, buying 8.28 million additional shares in the first quarter and bringing its holdings to 13.73 million shares worth approximately $195.6 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $20.73, despite recent target-price reductions from JPMorgan and Barclays.
• Rocket Companies reported strong quarterly growth, including 167.1% year-over-year revenue growth to $2.82 billion and earnings of $0.15 per share, beating estimates; however, the stock was recently down 2.9% at $13.30.

Amundi lifted its position in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 152.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,725,878 shares of the company's stock after acquiring an additional 8,280,463 shares during the quarter. Amundi owned approximately 0.49% of Rocket Companies worth $195,594,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada lifted its position in shares of Rocket Companies by 48.9% during the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company's stock worth $841,000 after buying an additional 22,861 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Rocket Companies by 1,086.5% in the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company's stock valued at $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 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 valued at $4,473,000 after purchasing an additional 40,326 shares during the period. Creative Planning grew its stake in Rocket Companies by 17.2% in the 2nd 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 period. Finally, Cetera Investment Advisers grew its stake in Rocket Companies by 31.5% in the 2nd quarter. Cetera Investment Advisers now owns 45,735 shares of the company's stock valued at $649,000 after purchasing an additional 10,956 shares during the period. Hedge funds and other institutional investors own 4.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RKT. Zacks Research upgraded Rocket Companies from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Weiss Ratings upgraded Rocket Companies from a "sell (d)" rating to a "hold (c)" rating in a research note on Wednesday, May 13th. JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $16.00 to $15.50 and set a "neutral" rating for the company in a research note on Monday, July 13th. Stephens began coverage on Rocket Companies in a research note on Thursday, April 23rd. They set an "overweight" rating and a $22.50 price objective on the stock. Finally, Barclays lowered their target price on shares of Rocket Companies from $19.00 to $17.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $20.73.

Rocket Companies Stock Down 2.9%

RKT opened at $13.30 on Friday. The business's fifty day simple moving average is $14.07 and its 200 day simple moving average is $15.82. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a market cap of $37.62 billion, a PE ratio of 265.92 and a beta of 2.16.

Rocket Companies (NYSE:RKT - Get Free Report) last announced 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. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion for the quarter, compared to analysts' expectations of $2.76 billion. During the same period last year, the firm posted $0.04 EPS. Rocket Companies's revenue for the quarter was up 167.1% compared to the same quarter last year. As a group, research analysts expect that Rocket Companies, Inc. will post 0.54 earnings per share for the current fiscal 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.

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