Cibc World Market Inc. Buys Shares of 138,754 Rocket Companies, Inc. $RKT

Cibc World Market Inc. bought a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 138,754 shares of the company’s stock, valued at approximately $2,689,000.

Other hedge funds also recently modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in Rocket Companies by 18.4% during the second 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 during the period. Miller Wealth Advisors LLC lifted its position 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 buying an additional 650 shares during the last quarter. Amundi grew its stake in shares of Rocket Companies by 2.3% during the 2nd quarter. Amundi now owns 34,170 shares of the company’s stock worth $498,000 after acquiring an additional 754 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Rocket Companies by 23.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,339 shares of the company’s stock worth $62,000 after acquiring an additional 816 shares during the last quarter. Finally, Cranbrook Wealth Management LLC raised its stake in Rocket Companies by 11.6% in the 3rd quarter. Cranbrook Wealth Management LLC now owns 9,644 shares of the company’s stock valued at $187,000 after acquiring an additional 1,000 shares during the period. Institutional investors own 4.59% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on RKT. Keefe, Bruyette & Woods increased their target price on shares of Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Wall Street Zen downgraded shares of Rocket Companies from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. BTIG Research reissued a “buy” rating and set a $25.00 target price on shares of Rocket Companies in a report on Wednesday, November 19th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $22.00 price target (up from $16.00) on shares of Rocket Companies in a research report on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $20.50.

Rocket Companies Stock Up 5.4%

Shares of NYSE:RKT opened at $18.72 on Monday. The firm has a fifty day moving average price of $20.17 and a two-hundred day moving average price of $18.88. The company has a market cap of $39.39 billion, a price-to-earnings ratio of 233.97 and a beta of 2.31. The company has a debt-to-equity ratio of 2.16, a current ratio of 19.68 and a quick ratio of 19.68. Rocket Companies, Inc. has a one year low of $10.94 and a one year high of $24.36.

Insider Buying and Selling

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $19.25, for a total value of $48,125.00. Following the sale, the director owned 1,061,036 shares of the company’s stock, valued at $20,424,943. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 35,000 shares of company stock worth $694,000 in the last three months. 92.64% of the stock is owned by insiders.

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.