Nordea Investment Management AB Buys New Holdings in Rocket Companies, Inc. $RKT

Key Points

• Nordea Investment Management AB opened a new position in Rocket Companies in Q4, buying 98,264 shares valued at about $1.916 million.
• Rocket reported a quarterly beat with EPS of $0.11 versus consensus $0.09 and revenue of $2.44 billion, up 52.2% year-over-year.
• Other institutional activity included AQR's large increase (up 1,086.5% to 400,467 shares); institutional ownership is ~4.59%, and analysts' consensus is a Hold with an average price target of $20.80.

Nordea Investment Management AB purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 98,264 shares of the company's stock, valued at approximately $1,916,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada grew 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 period. Amundi raised its position in shares of Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company's stock worth $403,000 after purchasing an additional 997 shares during the period. AQR Capital Management LLC raised its position in shares of Rocket Companies by 1,086.5% during the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company's stock worth $4,734,000 after purchasing an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of 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 worth $4,473,000 after purchasing an additional 40,326 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Rocket Companies by 18.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company's stock worth $55,000 after purchasing an additional 605 shares in the last quarter. Institutional investors own 4.59% of the company's stock.

Rocket Companies Stock Down 2.0%

RKT opened at $13.67 on Friday. Rocket Companies, Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $24.36. The firm has a market capitalization of $38.56 billion, a P/E ratio of -105.18 and a beta of 2.30. The company's 50-day moving average is $17.60 and its 200 day moving average is $18.41. 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, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.02. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The firm's quarterly revenue was up 52.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.04 EPS. Research analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the company's stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.99, for a total value of $57,475.00. Following the completion of the transaction, the director directly owned 1,038,536 shares of the company's stock, valued at $23,875,942.64. This represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 10,000 shares of company stock valued at $215,700. 92.64% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Barclays set a $22.00 price target on shares of Rocket Companies and gave the company an "equal weight" rating in a research note on Tuesday, January 6th. Jefferies Financial Group began coverage on shares of Rocket Companies in a research note on Friday, December 19th. They issued a "buy" rating and a $25.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the company an "equal weight" rating in a report on Friday, February 27th. Citizens Jmp began coverage on shares of Rocket Companies in a research report on Wednesday. They set a "market perform" rating for the company. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Rocket Companies in a report on Monday, December 29th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $20.80.

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.

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