Legal & General Group Plc Acquires 2,863,164 Shares of Rocket Companies, Inc. $RKT

Legal & General Group Plc boosted its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 498.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 3,437,365 shares of the company’s stock after purchasing an additional 2,863,164 shares during the quarter. Legal & General Group Plc’s holdings in Rocket Companies were worth $66,547,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Cloud Capital Management LLC bought a new stake in Rocket Companies during the 3rd quarter valued at approximately $25,000. Pinnacle Bancorp Inc. lifted its position in shares of 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 acquiring an additional 1,183 shares during the period. City State Bank bought a new stake in shares of Rocket Companies in the 4th quarter worth approximately $30,000. Sound Income Strategies LLC lifted its position in shares of Rocket Companies by 354.8% in the 4th quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock worth $38,000 after acquiring an additional 1,540 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its position in shares of Rocket Companies by 875.0% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock worth $38,000 after acquiring an additional 1,750 shares during the period. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Up 0.8%

Shares of RKT opened at $14.52 on Friday. Rocket Companies, Inc. has a 1 year low of $12.25 and a 1 year high of $24.36. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. The stock has a 50 day simple moving average of $14.61 and a 200-day simple moving average of $17.37. The stock has a market cap of $41.08 billion, a PE ratio of 290.36 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the prior year, the firm posted $0.04 EPS. Rocket Companies’s quarterly revenue was up 167.1% compared to the same quarter last year. On average, sell-side analysts predict that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RKT. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $20.00 price objective on shares of Rocket Companies in a research report on Monday, May 11th. Stephens began coverage on Rocket Companies in a research report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective for the company. JPMorgan Chase & Co. reduced their price objective on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Barclays upgraded Rocket Companies from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $22.00 to $19.00 in a research report on Monday, April 6th. Finally, Weiss Ratings upgraded Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Rocket Companies has a consensus rating of “Moderate Buy” and an average target price of $20.93.

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.