D.A. Davidson & CO. Buys 439,893 Shares of Rocket Companies, Inc. $RKT

D.A. Davidson & CO. raised its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 2,075.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 461,093 shares of the company’s stock after acquiring an additional 439,893 shares during the quarter. D.A. Davidson & CO.’s holdings in Rocket Companies were worth $8,936,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. 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. SouthState Corp lifted its position in Rocket Companies by 2,044.8% during the second 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 period. Mather Group LLC. bought a new stake in shares of Rocket Companies during the 3rd quarter valued at $50,000. DHJJ Financial Advisors Ltd. boosted its holdings in shares of Rocket Companies by 633.6% during the 3rd quarter. DHJJ Financial Advisors Ltd. now owns 3,668 shares of the company’s stock valued at $71,000 after buying an additional 3,168 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in shares of Rocket Companies by 18.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock worth $55,000 after buying an additional 605 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

Shares of RKT opened at $21.20 on Wednesday. The company has a market cap of $44.61 billion, a price-to-earnings ratio of 265.00 and a beta of 2.29. The business’s fifty day simple moving average is $18.43 and its two-hundred day simple moving average is $17.62. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $22.56. 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 announced its quarterly earnings results on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, meeting 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 firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the company posted $0.08 earnings per share. The company’s quarterly revenue was up 148.1% on a year-over-year basis. Research analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $19.25, for a total value of $48,125.00. Following the completion of the sale, the director directly owned 1,061,036 shares in the company, valued at $20,424,943. The trade was a 0.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 32,500 shares of company stock worth $611,850. Company insiders own 92.64% of the company’s stock.

Analysts Set New Price Targets

RKT has been the subject of a number of recent research reports. 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. UBS Group set a $17.00 target price on shares of Rocket Companies and gave the company a “neutral” rating in a report on Friday, October 10th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Morgan Stanley raised their price objective on Rocket Companies from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Finally, The Goldman Sachs Group reissued 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. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.54.

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.