Beirne Wealth Consulting Services LLC Takes $1.12 Million Position in Rocket Companies, Inc. $RKT

Beirne Wealth Consulting Services LLC bought a new stake in Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 57,750 shares of the company’s stock, valued at approximately $1,118,000.

Several other institutional investors have also modified their holdings of RKT. Cloud Capital Management LLC acquired a new stake in shares of Rocket Companies in the third quarter valued at about $25,000. Pinnacle Bancorp Inc. grew its position in shares of Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares during the period. City State Bank acquired a new stake in shares of Rocket Companies in the fourth quarter valued at about $30,000. Miller Wealth Advisors LLC grew its position in shares of Rocket Companies by 65.0% in the third 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 period. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Rocket Companies in the third quarter valued at about $38,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Stock Performance

NYSE RKT opened at $15.62 on Friday. The stock’s fifty day moving average is $15.64 and its two-hundred day moving average is $17.78. The firm has a market capitalization of $44.04 billion, a P/E ratio of -120.14 and a beta of 2.34. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. Rocket Companies, Inc. has a fifty-two week low of $11.08 and a fifty-two week high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The firm’s revenue for the quarter was up 52.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 earnings per share. On average, research analysts anticipate that Rocket Companies, Inc. will post 0.66 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on RKT shares. Compass Point started coverage on Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. Stephens started coverage on Rocket Companies in a research note on Thursday. They issued an “overweight” rating and a $22.50 price target on the stock. Citizens Jmp started coverage on Rocket Companies in a research note on Wednesday, March 25th. They issued a “market perform” rating on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Finally, Barclays raised Rocket Companies from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.40.

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.