Gulf International Bank UK Ltd Takes $748,000 Position in Rocket Companies, Inc. $RKT

by · The Cerbat Gem

Gulf International Bank UK Ltd purchased a new position in Rocket Companies, Inc. (NYSE:RKT – Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 38,641 shares of the company’s stock, valued at approximately $748,000.

Several other hedge funds and other institutional investors have also modified their holdings of RKT. Cloud Capital Management LLC acquired a new stake in Rocket Companies during the third quarter valued at $25,000. Pinnacle Bancorp Inc. increased 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 worth $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank acquired a new position in Rocket Companies in the 4th quarter worth about $30,000. Smithfield Trust Co purchased a new stake in shares of Rocket Companies during the 4th quarter worth about $32,000. Finally, Key Financial Inc purchased a new stake in shares of Rocket Companies during the 4th quarter worth about $32,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RKT has been the subject of several recent research reports. Stephens initiated coverage on Rocket Companies in a research note on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price target for the company. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $22.00 to $19.00 in a research report on Monday, April 6th. JPMorgan Chase & Co. reduced their target price on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Citizens Jmp assumed coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating for the company. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, Rocket Companies currently has an average rating of “Moderate Buy” and an average target price of $20.93.

Check Out Our Latest Stock Report on RKT

Rocket Companies Trading Up 0.8%

Rocket Companies stock opened at $14.52 on Friday. The business’s 50-day simple moving average is $14.61 and its 200-day simple moving average is $17.37. Rocket Companies, Inc. has a 52 week low of $12.25 and a 52 week high of $24.36. The firm has a market capitalization of $41.08 billion, a PE ratio of 290.36 and a beta of 2.23. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37.

Rocket Companies (NYSE:RKT – Get Free Report) last released 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 for the quarter, compared to analyst estimates of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company’s revenue was up 167.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 EPS. Equities research analysts forecast that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Rocket Companies Profile

(Free Report)

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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