Rocket Companies, Inc. $RKT Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its Rocket Companies stake by 90.7% in the first quarter, selling 663,273 shares and retaining 68,220 shares valued at approximately $972,000.
• Rocket Companies reported stronger-than-expected quarterly results, with EPS of $0.15 versus $0.12 expected and revenue of $2.82 billion, up 167.1% year over year.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $20.73, compared with the stock’s reported price of $13.69.

Bank of Nova Scotia reduced its stake in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 90.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,220 shares of the company's stock after selling 663,273 shares during the quarter. Bank of Nova Scotia's holdings in Rocket Companies were worth $972,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Truvestments Capital LLC acquired a new position in shares of Rocket Companies during the fourth quarter valued at $26,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Rocket Companies in the 4th quarter worth about $26,000. Pinnacle Bancorp Inc. lifted its position in Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company's stock valued at $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank bought a new stake in Rocket Companies in the 4th quarter valued at about $30,000. Finally, Smithfield Trust Co bought a new stake in Rocket Companies in the 4th quarter valued at about $32,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Stock Performance

RKT stock opened at $13.69 on Thursday. The company has a market capitalization of $38.75 billion, a P/E ratio of 273.88 and a beta of 2.16. The company has a 50-day simple moving average of $14.08 and a 200 day simple moving average of $15.89. 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 quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion during 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 4.30%. Rocket Companies's revenue was up 167.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 EPS. Sell-side analysts predict that Rocket Companies, Inc. will post 0.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on RKT shares. Royal Bank Of Canada restated a "sector perform" rating and issued a $20.00 target price on shares of Rocket Companies in a research report on Monday, May 11th. BTIG Research reaffirmed a "neutral" rating on shares of Rocket Companies in a report on Tuesday, June 16th. Weiss Ratings upgraded Rocket Companies from a "sell (d)" rating to a "hold (c)" rating in a research report on Wednesday, May 13th. Stephens assumed coverage on Rocket Companies in a research report on Thursday, April 23rd. They set an "overweight" rating and a $22.50 price objective for the company. Finally, JPMorgan Chase & Co. decreased their price objective on Rocket Companies from $16.00 to $15.50 and set a "neutral" rating for the company in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.73.

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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