Great Point Wealth Advisors LLC Purchases New Shares in Rocket Companies, Inc. $RKT

Great Point Wealth Advisors LLC acquired a new position in Rocket Companies, Inc. (NYSE:RKT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 47,556 shares of the company’s stock, valued at approximately $922,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. North Capital Inc. boosted its stake 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 buying an additional 1,350 shares during the period. SouthState Corp raised its holdings 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 acquiring an additional 1,963 shares in the last quarter. Miller Wealth Advisors LLC raised its holdings in 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 acquiring an additional 650 shares in the last quarter. Geneos Wealth Management Inc. bought a new stake in shares of Rocket Companies during the 3rd quarter valued at $38,000. Finally, CX Institutional acquired a new stake in shares of Rocket Companies during the 3rd quarter worth $39,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on RKT. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. The Goldman Sachs Group restated a “neutral” rating and issued a $22.00 target price (up from $16.00) on shares of Rocket Companies in a research report on Wednesday, October 29th. Barclays set a $22.00 price target on shares of Rocket Companies and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. Wall Street Zen cut shares of Rocket Companies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Wells Fargo & Company upped their target price on Rocket Companies from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $20.50.

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The shares were 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 $20,723,739.84. This trade represents a 0.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 40,000 shares of company stock valued at $779,425 over the last three months. Corporate insiders own 92.64% of the company’s stock.

Rocket Companies Stock Down 0.8%

Shares of RKT opened at $23.25 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. Rocket Companies, Inc. has a 52 week low of $10.94 and a 52 week high of $24.36. The stock has a market capitalization of $48.93 billion, a price-to-earnings ratio of 290.66 and a beta of 2.29. The stock has a fifty day moving average of $19.44 and a 200-day moving average of $18.02.

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

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.