Private Advisory Group LLC Reduces Holdings in Rocket Companies, Inc. $RKT

Private Advisory Group LLC lowered its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 10.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 539,942 shares of the company’s stock after selling 59,682 shares during the quarter. Private Advisory Group LLC’s holdings in Rocket Companies were worth $10,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Cloud Capital Management LLC bought a new stake in Rocket Companies during the 3rd quarter valued at approximately $25,000. Miller Wealth Advisors LLC lifted its stake in shares of Rocket Companies by 65.0% in the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after purchasing an additional 650 shares during the period. North Capital Inc. boosted its position in shares of Rocket Companies by 287.2% during 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 in the last quarter. Geneos Wealth Management Inc. purchased a new stake in Rocket Companies in the third quarter worth $38,000. Finally, CX Institutional purchased a new stake in Rocket Companies in the third quarter worth $39,000. 4.59% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction on Monday, January 12th. The stock was sold at an average price of $22.99, for a total value of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 35,000 shares of company stock worth $694,000. Company insiders own 92.64% of the company’s stock.

Rocket Companies Stock Down 2.1%

Shares of Rocket Companies stock opened at $17.97 on Monday. The company has a 50-day simple moving average of $20.10 and a two-hundred day simple moving average of $18.94. The stock has a market capitalization of $37.81 billion, a PE ratio of 224.59 and a beta of 2.31. Rocket Companies, Inc. has a 52-week low of $10.94 and a 52-week high of $24.36. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Wall Street Zen lowered Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Oppenheimer assumed coverage on shares of Rocket Companies in a research report on Thursday, November 13th. They set an “outperform” rating and a $25.00 price target for the company. Wells Fargo & Company upped their price objective on shares of Rocket Companies from $15.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Rocket Companies in a report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price for the company. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.50.

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.