Belpointe Asset Management LLC Invests $972,000 in Rocket Companies, Inc. $RKT

Belpointe Asset Management LLC acquired a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the third quarter, according to its most recent filing with the SEC. The fund acquired 50,136 shares of the company’s stock, valued at approximately $972,000.

A number of other institutional investors have also added to or reduced their stakes in RKT. PNC Financial Services Group Inc. grew its position in shares of Rocket Companies by 18.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock valued at $55,000 after purchasing an additional 605 shares in the last quarter. Miller Wealth Advisors LLC grew its holdings in shares of Rocket Companies by 65.0% during 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 last quarter. Amundi lifted its position in Rocket Companies by 2.3% in the second quarter. Amundi now owns 34,170 shares of the company’s stock valued at $498,000 after purchasing an additional 754 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Rocket Companies by 23.2% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,339 shares of the company’s stock worth $62,000 after purchasing an additional 816 shares during the period. Finally, Cranbrook Wealth Management LLC increased its position in Rocket Companies by 11.6% during the 3rd quarter. Cranbrook Wealth Management LLC now owns 9,644 shares of the company’s stock valued at $187,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

Shares of NYSE:RKT opened at $20.73 on Friday. The firm’s 50 day simple moving average is $20.22 and its 200-day simple moving average is $18.49. 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 one year low of $10.94 and a one year high of $24.36. The firm has a market cap of $43.62 billion, a PE ratio of 259.09 and a beta of 2.29.

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

Insider Buying and Selling

In related news, Director Matthew Rizik sold 2,500 shares of the business’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 transaction 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. The trade was a 0.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 40,000 shares of company stock valued at $779,425 in the last ninety days. Insiders own 92.64% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on RKT shares. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Wells Fargo & Company upped their price objective 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. Royal Bank Of Canada raised their price target on Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a report on Wednesday, October 8th. BTIG Research reissued a “buy” rating and set a $25.00 price objective on shares of Rocket Companies in a report on Wednesday, November 19th. Finally, Jefferies Financial Group began coverage on shares of Rocket Companies in a report on Friday, December 19th. They issued a “buy” rating and a $25.00 target price for the company. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and an average target price 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.