CIBC Asset Management Inc Makes New $882,000 Investment in Rocket Companies, Inc. $RKT

CIBC Asset Management Inc bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 45,534 shares of the company’s stock, valued at approximately $882,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in Rocket Companies by 46.3% during the 4th quarter. Bank of New York Mellon Corp now owns 3,901,730 shares of the company’s stock worth $75,537,000 after buying an additional 1,234,278 shares in the last quarter. Bridges Investment Management Inc. increased its position in shares of Rocket Companies by 8.5% in the 4th quarter. Bridges Investment Management Inc. now owns 11,045 shares of the company’s stock valued at $214,000 after purchasing an additional 869 shares during the last quarter. Natixis Advisors LLC increased its position in shares of Rocket Companies by 1,213.2% in the 4th quarter. Natixis Advisors LLC now owns 267,031 shares of the company’s stock valued at $5,170,000 after purchasing an additional 246,696 shares during the last quarter. AXQ Capital LP increased its position in shares of Rocket Companies by 701.3% in the 4th quarter. AXQ Capital LP now owns 163,842 shares of the company’s stock valued at $3,172,000 after purchasing an additional 143,396 shares during the last quarter. Finally, Lingotto Investment Management LLP purchased a new stake in shares of Rocket Companies in the 4th quarter valued at approximately $5,806,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Trading Down 2.3%

Shares of Rocket Companies stock opened at $12.36 on Tuesday. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The company has a market capitalization of $34.97 billion, a P/E ratio of 247.20 and a beta of 2.19. The company’s fifty day moving average is $14.50 and its two-hundred day moving average is $17.20.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period last year, the firm posted $0.04 EPS. Rocket Companies’s revenue for the quarter was up 167.1% on a year-over-year basis. Analysts forecast that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RKT. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Citizens Jmp began coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $22.00 to $19.00 in a research report on Monday, April 6th. 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, Keefe, Bruyette & Woods dropped their target price on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 12th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies presently 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.