Pictet Asset Management Holding SA Makes New $6 Million Investment in Rocket Companies, Inc. $RKT

Key Points

• Pictet Asset Management established a new position in Rocket Companies (RKT) in Q4, buying 309,966 shares valued at about $6.0 million.
• Several large funds materially changed stakes — Vanguard increased its holding 280.3% to 87.26 million shares (~$1.689 billion), while ValueAct, Durable Capital, Wellington and Fred Alger also added positions; the article reports institutional ownership at 4.59%.
• Analysts carry a consensus “Hold” rating with an average target of $20.40 amid mixed recent actions (Stephens overweight at $22.50; JPMorgan cut its target to $16.50), and Rocket recently beat quarterly EPS estimates ($0.11 vs. $0.09).

Pictet Asset Management Holding SA purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 309,966 shares of the company's stock, valued at approximately $6,001,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Rocket Companies by 280.3% during the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company's stock worth $1,689,287,000 after acquiring an additional 64,311,040 shares during the last quarter. ValueAct Holdings L.P. increased its stake in Rocket Companies by 67.9% during the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company's stock worth $492,167,000 after acquiring an additional 10,270,018 shares during the last quarter. Durable Capital Partners LP acquired a new stake in Rocket Companies during the third quarter worth about $213,010,000. Wellington Management Group LLP increased its stake in Rocket Companies by 30.6% during the third quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company's stock worth $122,060,000 after acquiring an additional 1,474,040 shares during the last quarter. Finally, Fred Alger Management LLC increased its stake in Rocket Companies by 7,412.6% during the third quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company's stock worth $117,807,000 after acquiring an additional 5,997,885 shares during the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on RKT shares. Citizens Jmp started coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a "market perform" rating for the company. Stephens started coverage on Rocket Companies in a research note on Thursday, April 23rd. They issued an "overweight" rating and a $22.50 target price for the company. Zacks Research lowered Rocket Companies from a "hold" rating to a "strong sell" rating in a research note on Monday, April 13th. Wells Fargo & Company lowered their target price on Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. lowered their target price on Rocket Companies from $24.00 to $16.50 and set a "neutral" rating for the company in a research note on Thursday, April 9th. Nine equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Rocket Companies has a consensus rating of "Hold" and an average target price of $20.40.

Rocket Companies Price Performance

RKT stock opened at $14.65 on Monday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. Rocket Companies, Inc. has a 1 year low of $11.08 and a 1 year high of $24.36. The firm has a market cap of $41.31 billion, a P/E ratio of -112.70 and a beta of 2.23. The stock has a 50-day simple moving average of $15.36 and a 200-day simple moving average of $17.75.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter last year, the firm earned $0.04 earnings per share. The company's revenue for the quarter was up 52.2% compared to the same quarter last year. On average, equities analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal 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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