Rocket Companies, Inc. $RKT Shares Purchased by Wealth Management Associates Inc.

Wealth Management Associates Inc. boosted its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 74.0% in the third quarter, Holdings Channel reports. The fund owned 83,992 shares of the company’s stock after purchasing an additional 35,732 shares during the period. Wealth Management Associates Inc.’s holdings in Rocket Companies were worth $1,628,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. North Capital Inc. increased its holdings in shares of Rocket Companies by 287.2% in the second quarter. North Capital Inc. now owns 1,820 shares of the company’s stock valued at $26,000 after purchasing an additional 1,350 shares during the period. SouthState Corp grew its position in Rocket Companies by 2,044.8% in the 2nd quarter. SouthState Corp now owns 2,059 shares of the company’s stock valued at $29,000 after buying an additional 1,963 shares during the last quarter. Mather Group LLC. purchased a new position in Rocket Companies in the 3rd quarter valued at $50,000. PNC Financial Services Group Inc. increased its stake in Rocket Companies by 18.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock valued at $55,000 after buying an additional 605 shares during the period. Finally, TFC Financial Management Inc. purchased a new position in Rocket Companies during the 2nd quarter worth $57,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $19.25, for a total transaction of $48,125.00. Following the completion of the transaction, the director owned 1,061,036 shares of the company’s stock, valued at $20,424,943. This represents a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 32,500 shares of company stock valued at $611,850. 92.64% of the stock is owned by insiders.

Rocket Companies Trading Down 3.4%

Rocket Companies stock opened at $19.37 on Friday. The stock has a 50-day moving average price of $18.26 and a 200 day moving average price of $17.42. Rocket Companies, Inc. has a 52 week low of $10.06 and a 52 week high of $22.56. The stock has a market cap of $40.76 billion, a PE ratio of 242.16 and a beta of 2.29. 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 (NYSE:RKT) last released its earnings results on Thursday, October 30th. The company reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. Rocket Companies’s revenue for the quarter was up 148.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.08 EPS. Equities research analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Morgan Stanley raised their price objective on shares of Rocket Companies from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Barclays set a $19.00 target price on Rocket Companies and gave the stock a “cautious” rating in a research note on Monday, October 6th. Royal Bank Of Canada raised their price target on Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a report on Wednesday, October 8th. Wall Street Zen downgraded Rocket Companies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Jefferies Financial Group began coverage on Rocket Companies in a research report on Friday, December 19th. They issued a “buy” rating and a $25.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.32.

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.