Mitsubishi UFJ Asset Management Co. Ltd. Has $17.49 Million Position in Rocket Companies, Inc. $RKT

Key Points

• Mitsubishi UFJ Asset Management dramatically increased its stake in Rocket Companies by 4,574.6% in the fourth quarter, ending with 879,621 shares valued at about $17.49 million.
• Rocket Companies recently beat first-quarter expectations, reporting $0.15 EPS versus $0.12 expected and $2.82 billion in revenue versus $2.76 billion expected, with revenue up 167.1% year over year.
• Analyst sentiment is mixed: the stock has an average Hold rating and a $21.00 average price target, while some firms have upgraded the shares even as others cut targets and kept neutral or equal-weight views.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 4,574.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 879,621 shares of the company's stock after acquiring an additional 860,804 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Rocket Companies were worth $17,487,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in RKT. Royal Bank of Canada lifted its stake in 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 acquiring an additional 22,861 shares during the last quarter. Amundi lifted its stake in Rocket Companies by 3.1% in the first quarter. Amundi now owns 33,416 shares of the company's stock valued at $403,000 after acquiring an additional 997 shares during the last quarter. AQR Capital Management LLC lifted its stake in 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Rocket Companies by 12.2% in the first 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 acquiring an additional 40,326 shares during the last quarter. Finally, Creative Planning lifted its stake in Rocket Companies by 17.2% in the second quarter. Creative Planning now owns 18,215 shares of the company's stock valued at $258,000 after acquiring an additional 2,679 shares during the last quarter. Institutional investors and hedge funds own 4.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on RKT shares. Stephens started coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They issued an "overweight" rating and a $22.50 price target for the company. Keefe, Bruyette & Woods raised shares of Rocket Companies from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $20.00 to $22.00 in a research report on Monday, March 16th. Barclays raised shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and dropped their price objective for the company from $22.00 to $19.00 in a research report on Monday, April 6th. Wells Fargo & Company dropped their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a "neutral" rating on the stock in a research report on Thursday, April 9th. Nine research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $21.00.

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

Rocket Companies Price Performance

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

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 5.14%. The company's revenue was up 167.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 earnings per share. Equities analysts forecast that Rocket Companies, Inc. will post 0.63 EPS for the current year.

Rocket Companies Company 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.

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