Momentum Wealth Planning LLC Makes New $927,000 Investment in Rocket Companies, Inc. $RKT

Momentum Wealth Planning LLC purchased a new stake in Rocket Companies, Inc. (NYSE:RKT) during the 2nd quarter, HoldingsChannel reports. The fund purchased 65,354 shares of the company’s stock, valued at approximately $927,000. Rocket Companies comprises approximately 0.8% of Momentum Wealth Planning LLC’s portfolio, making the stock its 24th biggest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cetera Investment Advisers raised its stake in Rocket Companies by 5.3% in the first quarter. Cetera Investment Advisers now owns 34,779 shares of the company’s stock valued at $420,000 after purchasing an additional 1,744 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Rocket Companies by 81.6% during the 1st quarter. US Bancorp DE now owns 6,286 shares of the company’s stock worth $76,000 after acquiring an additional 2,824 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Rocket Companies by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,793,549 shares of the company’s stock worth $154,418,000 after acquiring an additional 273,475 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Rocket Companies by 8.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,266,399 shares of the company’s stock worth $15,285,000 after acquiring an additional 103,156 shares in the last quarter. Finally, Swiss National Bank increased its stake in Rocket Companies by 7.8% in the first quarter. Swiss National Bank now owns 268,400 shares of the company’s stock valued at $3,240,000 after acquiring an additional 19,500 shares during the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Insider Buying and Selling

In other news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $18.99, for a total value of $47,475.00. Following the completion of the sale, the director directly owned 1,086,036 shares of the company’s stock, valued at approximately $20,623,823.64. This trade represents a 0.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 17,500 shares of company stock valued at $325,650. 92.64% of the stock is currently owned by corporate insiders.

Rocket Companies Stock Performance

Shares of NYSE:RKT opened at $18.70 on Monday. The company has a market cap of $39.35 billion, a price-to-earnings ratio of 233.73 and a beta of 2.26. The company has a 50-day moving average price of $17.61 and a 200-day moving average price of $16.88. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $22.56.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. The company had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.Rocket Companies’s quarterly revenue was up 148.1% on a year-over-year basis. During the same period last year, the firm earned $0.08 earnings per share. As a group, equities analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RKT. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Barclays set a $19.00 price target on shares of Rocket Companies and gave the stock a “cautious” rating in a research note on Monday, October 6th. Wells Fargo & Company increased their target price on shares of Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Wall Street Zen cut shares of Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, BTIG Research restated a “buy” rating and set a $25.00 price target on shares of Rocket Companies in a research report on Wednesday, November 19th. Four analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.18.

Rocket Companies Company Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.