SteelPeak Wealth LLC Takes Position in Rocket Companies, Inc. $RKT

SteelPeak Wealth LLC acquired a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 40,400 shares of the company’s stock, valued at approximately $783,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Raymond James Financial Inc. increased its position in Rocket Companies by 17.5% during the 1st quarter. Raymond James Financial Inc. now owns 361,975 shares of the company’s stock valued at $4,369,000 after purchasing an additional 53,887 shares during the period. Vident Advisory LLC boosted its stake in shares of Rocket Companies by 16.2% during the first quarter. Vident Advisory LLC now owns 35,794 shares of the company’s stock valued at $432,000 after purchasing an additional 4,996 shares in the last quarter. Royal Bank of Canada increased its holdings in 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 buying an additional 22,861 shares during the period. Amundi raised its stake in Rocket Companies by 3.1% in the first quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after buying an additional 997 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in Rocket Companies by 1,086.5% in the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after buying an additional 366,716 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RKT shares. Wells Fargo & Company lifted their price target on Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Royal Bank Of Canada raised their price objective on Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 8th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $22.00 target price (up from $16.00) on shares of Rocket Companies in a report on Wednesday, October 29th. Barclays set a $19.00 price target on shares of Rocket Companies and gave the company a “cautious” rating in a research report on Monday, October 6th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Rocket Companies in a research report on Wednesday, November 19th. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $19.32.

Rocket Companies Trading Up 2.8%

Rocket Companies stock opened at $19.90 on Friday. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. The stock has a market cap of $41.88 billion, a PE ratio of 248.79 and a beta of 2.29. The stock has a 50-day moving average of $18.30 and a two-hundred day moving average of $17.49. Rocket Companies, Inc. has a one year low of $10.06 and a one year high of $22.56.

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

Insiders Place Their Bets

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $19.25, for a total transaction of $48,125.00. Following the transaction, the director owned 1,061,036 shares in the company, valued at approximately $20,424,943. This represents a 0.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 32,500 shares of company stock worth $611,850. 92.64% of the stock is currently owned by insiders.

Rocket Companies 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.