Renaissance Technologies LLC Purchases New Position in Rocket Companies, Inc. $RKT

Renaissance Technologies LLC purchased a new position in Rocket Companies, Inc. (NYSE:RKT) in the first quarter, HoldingsChannel reports. The fund purchased 2,185,483 shares of the company’s stock, valued at approximately $31,143,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada grew its holdings in shares of Rocket Companies by 48.9% during the 1st quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock worth $841,000 after acquiring an additional 22,861 shares during the period. Amundi lifted its stake in shares of Rocket Companies by 3.1% in the 1st quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after purchasing an additional 997 shares during the period. AQR Capital Management LLC lifted its stake in shares of Rocket Companies by 1,086.5% in the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after purchasing an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Rocket Companies by 12.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock valued at $4,473,000 after purchasing an additional 40,326 shares in the last quarter. Finally, Creative Planning boosted its position in shares of Rocket Companies by 17.2% during the second quarter. Creative Planning now owns 18,215 shares of the company’s stock valued at $258,000 after purchasing an additional 2,679 shares in the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Performance

Rocket Companies stock opened at $13.98 on Wednesday. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $39.56 billion, a P/E ratio of 279.60 and a beta of 2.16. The stock’s 50 day moving average is $14.08 and its 200 day moving average is $15.94. Rocket Companies, Inc. has a twelve month low of $12.17 and a twelve month high of $24.36.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $2.82 billion during 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 firm’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same quarter last year, the company earned $0.04 EPS. On average, equities research analysts predict that Rocket Companies, Inc. will post 0.58 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RKT has been the topic of several recent research reports. Morgan Stanley raised Rocket Companies from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $18.00 to $19.00 in a research note on Thursday, July 16th. Keefe, Bruyette & Woods dropped their target price on shares of Rocket Companies from $21.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, June 25th. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a report on Tuesday, June 16th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Finally, Barclays decreased their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.73.

Rocket Companies 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.