Nykredit A S Invests $2.98 Million in Rocket Companies, Inc. $RKT

Key Points

• Nykredit A/S purchased 189,234 shares of Rocket Companies during the second quarter, valued at approximately $2.98 million.
• Rocket reported quarterly EPS of $0.16, matching analyst estimates, while revenue rose 91.9% year over year to $2.76 billion, slightly below expectations.
• Analyst sentiment is moderately bullish, with a consensus “Moderate Buy” rating and an average price target of $19.87, compared with the stock’s reported price of $14.10.

Nykredit A S purchased a new stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 189,234 shares of the company's stock, valued at approximately $2,980,000.

Other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Rocket Companies by 11,636.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company's stock worth $507,037,000 after acquiring an additional 25,966,725 shares during the period. Morgan Stanley increased its stake in shares of Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company's stock worth $522,900,000 after purchasing an additional 22,196,782 shares during the period. State Street Corp lifted its holdings in Rocket Companies by 323.9% during the 4th quarter. State Street Corp now owns 20,688,336 shares of the company's stock worth $400,526,000 after purchasing an additional 15,807,776 shares during the last quarter. ValueAct Holdings L.P. lifted its holdings in Rocket Companies by 55.1% during the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company's stock worth $762,409,000 after purchasing an additional 13,985,025 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Rocket Companies by 265.0% during the 4th quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company's stock worth $299,939,000 after purchasing an additional 11,282,009 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

Rocket Companies Stock Performance

NYSE:RKT opened at $14.10 on Monday. The company has a market cap of $39.93 billion, a price-to-earnings ratio of 100.71 and a beta of 2.20. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36. The company has a debt-to-equity ratio of 1.16, a quick ratio of 4.85 and a current ratio of 4.85. The stock has a fifty day moving average price of $14.18 and a 200-day moving average price of $14.60.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.16 EPS for the quarter, hitting analysts' consensus estimates of $0.16. The company had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.Rocket Companies's revenue was up 91.9% on a year-over-year basis. During the same quarter last year, the business earned $0.04 earnings per share. As a group, equities analysts anticipate that Rocket Companies, Inc. will post 0.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JPMorgan Chase & Co. decreased their price objective on Rocket Companies from $15.50 to $14.00 and set a "neutral" rating on the stock in a report on Friday, August 7th. Morgan Stanley raised Rocket Companies from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $18.00 to $19.00 in a report on Thursday, July 16th. Barclays decreased their price target 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. Benchmark lowered their price target on shares of Rocket Companies from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Finally, Stephens dropped their price objective on shares of Rocket Companies from $22.50 to $20.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $19.87.

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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