TD Asset Management Inc lifted its position in shares of Rocket Companies, Inc. (NYSE:RKT – Free Report) by 94.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 346,637 shares of the company’s stock after buying an additional 168,139 shares during the quarter. TD Asset Management Inc’s holdings in Rocket Companies were worth $6,711,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Royal Bank of Canada boosted its stake in shares of Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after purchasing an additional 22,861 shares in the last quarter. Amundi boosted its stake in shares of Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after purchasing an additional 997 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Rocket Companies by 1,086.5% during the first 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 lifted its stake in shares of Rocket Companies by 17.2% in the second quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after acquiring an additional 2,679 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.
Rocket Companies Stock Up 6.9%
Shares of NYSE:RKT opened at $13.20 on Wednesday. The company has a market capitalization of $37.36 billion, a PE ratio of 264.08 and a beta of 2.19. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. The business has a fifty day moving average price of $14.49 and a two-hundred day moving average price of $17.18. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36.
Key Headlines Impacting Rocket Companies
Here are the key news stories impacting Rocket Companies this week:
- Positive Sentiment: Rocket Companies priced an upsized private debt offering, raising $1.5 billion instead of the initially planned $1.2 billion, which provides additional liquidity and financial flexibility. Rocket Companies Announces Upsizing and Pricing of Senior Notes due 2031 and Senior Notes due 2034
- Positive Sentiment: Redfin, which is powered by Rocket, reported that U.S. home sales reached their highest level since late 2022, suggesting some improvement in housing-market activity that could support Rocket’s broader real-estate platform. Rising Rates Stall Housing Market Momentum Just After Closed Home Sales Hit Highest Level Since 2022
- Neutral Sentiment: Rocket also announced a separate $1.2 billion senior notes offering earlier in the day, reinforcing that the company is actively refinancing or funding its balance sheet, but the announcement itself does not clearly signal operating strength or weakness. Rocket Companies Announces Offering of Senior Notes due 2031 and Senior Notes due 2034
- Neutral Sentiment: Market commentary highlights Rocket as a fintech name to watch, but this is more of a sector mention than a company-specific catalyst. Fintech Stocks To Add to Your Watchlist – June 6th
- Negative Sentiment: Recent coverage says Rocket stock has fallen sharply over the past week amid high mortgage rates, weak home sales, and limited refinancing visibility, which remains a key headwind for the business. RKT Falls Sharply in a Week: What’s Keeping Investors on the Sidelines?
Analyst Upgrades and Downgrades
RKT has been the topic of several recent analyst reports. Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Wells Fargo & Company dropped their price target on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Compass Point started coverage on Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. Finally, Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Rocket Companies currently has an average rating of “Moderate Buy” and a consensus target price of $20.93.
Get Our Latest Stock Report on Rocket Companies
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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