TD Asset Management Inc. dramatically increased its investment in Rocket Companies, Inc. (NYSE:RKT) by an astounding 1,395.6% in the third quarter of this year. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), the fund acquired an additional 166,563 shares during this period, bringing its total holdings to 178,498 shares, valued at approximately $3,459,000.
Several other institutional investors have also adjusted their positions in Rocket Companies. For instance, PNC Financial Services Group Inc. raised its stake by 18.4% in the second quarter, now owning 3,890 shares valued at $55,000. Similarly, Miller Wealth Advisors LLC increased its holdings by 65.0% during the third quarter, acquiring an additional 650 shares for a total of 1,650 shares worth $32,000.
Amundi and MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. also enhanced their stakes, with Amundi raising its holdings by 2.3% and MIRAE adding 23.2% to its position. Cranbrook Wealth Management LLC boosted its investment by 11.6% during the same period. Currently, institutional investors and hedge funds collectively own 4.59% of Rocket Companies stock.
Current Financial Performance
As of the latest trading session, Rocket Companies’ stock opened at $16.44. The stock has a fifty-day moving average price of $19.91 and a two-hundred-day moving average of $18.90. The company’s financial ratios reflect a current ratio of 70.90, a quick ratio of 19.68, and a debt-to-equity ratio of 1.07. Over the past year, shares have fluctuated significantly, reaching a low of $10.94 and a high of $24.36. With a market capitalization of $34.60 billion and a price-to-earnings ratio of -126.46, the stock’s beta stands at 2.30, indicating higher volatility compared to the market.
Analyst Insights and Ratings
Recent reports from various financial analysts have provided insights into Rocket Companies’ potential. Oppenheimer initiated coverage on November 13, setting an “outperform” rating with a price target of $25.00. Keefe, Bruyette & Woods raised its price objective from $18.00 to $20.00, rating the stock as “market perform.” Meanwhile, Wells Fargo & Company adjusted its target price from $17.00 to $19.00, maintaining an “equal weight” rating.
According to MarketBeat, the consensus rating for Rocket Companies currently stands at “Hold,” with an average price target of $20.64. Among analysts, five have issued a “Buy” rating, ten have recommended holding, and one has suggested selling the stock.
In insider trading news, Director Matthew Rizik sold 2,500 shares on January 12, generating $57,475 from the transaction. Following this sale, he retains 1,038,536 shares valued at about $23,875,942.64. Over the last ninety days, insiders have sold 32,500 shares valued at $645,775, and insiders currently hold 92.64% of Rocket Companies’ stock.
About Rocket Companies: Founded in Detroit, Rocket Companies, Inc. is a holding company primarily focused on digital mortgage origination and related consumer finance and real estate services. Emerging from the Quicken Loans franchise, the company completed its initial public offering in 2020. Founder Dan Gilbert remains a significant figure within the firm, which aims to simplify the home financing process through technology and scalability, notably through its Rocket Mortgage platform.
