Nykredit A S Makes New Investment in Rocket Companies, Inc. $RKT

Key Points

• Nykredit A/S acquired 189,234 shares of Rocket Companies during the second quarter, valued at approximately $2.98 million. Other institutions, including Geode Capital and Amundi, also significantly increased their holdings.
• Rocket Companies reported quarterly EPS of $0.16, in line with estimates, while revenue rose 91.9% year over year to $2.76 billion, slightly below forecasts.
• RKT shares opened at $12.76, near the lower end of their 12-month range. Analysts maintain a “Moderate Buy” consensus with an average price target of $19.57, although several firms recently lowered their targets.

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

A number of other institutional investors also recently modified their holdings of RKT. Geode Capital Management LLC raised 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. Amundi raised its stake in Rocket Companies by 152.1% in the first quarter. Amundi now owns 13,725,878 shares of the company's stock valued at $195,594,000 after buying an additional 8,280,463 shares during the period. Norges Bank bought a new position in Rocket Companies in the 4th quarter valued at about $144,207,000. Basswood Capital Management L.L.C. raised its stake in Rocket Companies by 1,881.3% in the 4th quarter. Basswood Capital Management L.L.C. now owns 5,475,110 shares of the company's stock worth $105,998,000 after purchasing an additional 5,198,776 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Rocket Companies in the second quarter valued at about $74,874,000. 4.59% of the stock is owned by institutional investors.

Rocket Companies Stock Performance

RKT stock opened at $12.76 on Wednesday. The company has a current ratio of 4.85, a quick ratio of 4.85 and a debt-to-equity ratio of 1.16. Rocket Companies, Inc. has a 12-month low of $12.13 and a 12-month high of $24.36. The stock has a market capitalization of $36.12 billion, a PE ratio of 91.12, a price-to-earnings-growth ratio of 3.40 and a beta of 2.20. The stock's 50 day simple moving average is $13.72 and its 200 day simple moving average is $14.22.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $2.76 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 earnings per share. As a group, research analysts forecast that Rocket Companies, Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Rocket Mortgage CEO Jesse Bray sold 225,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $13.11, for a total transaction of $2,949,750.00. Following the completion of the transaction, the insider directly owned 7,953,027 shares in the company, valued at approximately $104,264,183.97. This represents a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 57.68% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RKT. Stephens lowered their price target on shares of Rocket Companies from $22.50 to $20.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Weiss Ratings downgraded shares of Rocket Companies from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Keefe, Bruyette & Woods decreased their target price on Rocket Companies from $20.00 to $19.00 and set an "outperform" rating for the company in a research report on Monday, August 10th. Wells Fargo & Company decreased their target price on shares of Rocket Companies from $17.00 to $15.00 and set an "equal weight" rating on the stock in a report on Friday, August 7th. Finally, Morgan Stanley upgraded Rocket Companies from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $18.00 to $19.00 in a research report on Thursday, July 16th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $19.57.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based financial technology company that provides digital platforms and services for homeownership and personal finance. Its flagship business, Rocket Mortgage, originates and services residential mortgage loans through an online application and lending process, serving borrowers across the United States.

The company also operates Rocket Homes, a real estate platform that connects consumers with real estate agents and home-buying resources; Rocket Loans, which provides personal loans; and Rocket Money, a personal finance app designed to help users manage subscriptions, budgeting and other aspects of their financial lives.

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