Fortis Capital Advisors LLC Acquires New Stake in Rocket Companies, Inc. $RKT

Fortis Capital Advisors LLC bought a new position in Rocket Companies, Inc. (NYSE:RKT) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 33,141 shares of the company’s stock, valued at approximately $642,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. B. Riley Wealth Advisors Inc. purchased a new position in Rocket Companies in the 3rd quarter worth about $252,000. Vanguard Personalized Indexing Management LLC increased its position in shares of Rocket Companies by 98.3% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 49,582 shares of the company’s stock worth $961,000 after acquiring an additional 24,583 shares during the period. Cheviot Value Management LLC raised its stake in shares of Rocket Companies by 1,424.1% during the third quarter. Cheviot Value Management LLC now owns 2,408 shares of the company’s stock valued at $47,000 after acquiring an additional 2,250 shares in the last quarter. Y Intercept Hong Kong Ltd raised its stake in shares of Rocket Companies by 141.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 129,872 shares of the company’s stock valued at $2,517,000 after acquiring an additional 76,106 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Rocket Companies in the third quarter valued at approximately $1,047,000. 4.59% of the stock is currently owned by institutional investors.

Rocket Companies Stock Performance

RKT stock opened at $21.01 on Wednesday. Rocket Companies, Inc. has a one year low of $10.94 and a one year high of $24.36. The firm has a market cap of $44.22 billion, a price-to-earnings ratio of 262.68 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. The firm has a 50-day simple moving average of $20.05 and a two-hundred day simple moving average of $18.46.

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

Analyst Ratings Changes

Several research analysts have commented on RKT shares. Keefe, Bruyette & Woods raised their price objective on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. Oppenheimer started coverage on Rocket Companies in a report on Thursday, November 13th. They issued an “outperform” rating and a $25.00 price objective for the company. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Rocket Companies in a research report on Monday, October 13th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $25.00 price target on shares of Rocket Companies in a research report on Wednesday, November 19th. Five 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, Rocket Companies has a consensus rating of “Hold” and an average target price of $20.50.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the transaction, the director directly owned 1,038,536 shares in the company, valued at $23,875,942.64. The trade was a 0.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 40,000 shares of company stock worth $779,425. Corporate insiders own 92.64% of the company’s stock.

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.