Spire Wealth Management Purchases 249,840 Shares of Rocket Companies, Inc. $RKT

Spire Wealth Management grew its position in Rocket Companies, Inc. (NYSE:RKT) by 52,050.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 250,320 shares of the company’s stock after purchasing an additional 249,840 shares during the quarter. Spire Wealth Management’s holdings in Rocket Companies were worth $4,851,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Third Point LLC bought a new position in Rocket Companies in the 2nd quarter worth $67,355,000. Broad Bay Capital Management LP purchased a new position in shares of Rocket Companies in the second quarter valued at about $51,585,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Rocket Companies in the second quarter valued at about $44,102,000. Maple Rock Capital Partners Inc. bought a new position in shares of Rocket Companies in the second quarter worth about $32,984,000. Finally, Atreides Management LP bought a new position in shares of Rocket Companies in the second quarter worth about $24,561,000. 4.59% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RKT shares. Wells Fargo & Company boosted their price target on Rocket Companies from $15.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. BTIG Research reiterated a “buy” rating and set a $25.00 price objective on shares of Rocket Companies in a research report on Wednesday, November 19th. Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Barclays set a $22.00 price target on shares of Rocket Companies and gave the company an “equal weight” rating in a report on Tuesday. Finally, Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and an average price target of $19.54.

Rocket Companies Trading Down 0.3%

RKT stock opened at $21.22 on Friday. The firm has a fifty day moving average price of $18.63 and a 200 day moving average price of $17.67. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $22.56. The firm has a market cap of $44.65 billion, a PE ratio of 265.22 and a beta of 2.29. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68.

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

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $19.44, for a total value of $48,600.00. Following the completion of the transaction, the director owned 1,066,036 shares in the company, valued at approximately $20,723,739.84. This trade represents a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 32,500 shares of company stock valued at $611,850. 92.64% of the stock is currently owned by company insiders.

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.