Brooktree Capital Management Increases Stock Holdings in Rocket Companies, Inc. $RKT

Brooktree Capital Management grew its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 27.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 148,653 shares of the company’s stock after purchasing an additional 32,088 shares during the quarter. Rocket Companies makes up about 1.8% of Brooktree Capital Management’s holdings, making the stock its 13th biggest position. Brooktree Capital Management’s holdings in Rocket Companies were worth $2,881,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Udine Wealth Management Inc. raised its stake in Rocket Companies by 86.1% during the 3rd quarter. Udine Wealth Management Inc. now owns 168,070 shares of the company’s stock valued at $3,257,000 after acquiring an additional 77,736 shares during the last quarter. Clifford Capital Partners LLC acquired a new position in shares of Rocket Companies in the second quarter valued at approximately $11,487,000. Thames Capital Management LLC increased its holdings in shares of Rocket Companies by 54.3% in the third quarter. Thames Capital Management LLC now owns 1,106,003 shares of the company’s stock valued at $21,434,000 after purchasing an additional 389,101 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Rocket Companies by 1,330.4% during the second quarter. Russell Investments Group Ltd. now owns 197,393 shares of the company’s stock worth $2,799,000 after purchasing an additional 183,593 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Rocket Companies by 1,051.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 127,866 shares of the company’s stock worth $2,478,000 after purchasing an additional 116,760 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Stock Performance

RKT opened at $18.72 on Monday. The stock has a market cap of $39.39 billion, a P/E 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. The stock’s 50 day simple moving average is $20.17 and its 200 day simple moving average is $18.88. Rocket Companies, Inc. has a 1-year low of $10.94 and a 1-year high of $24.36.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wall Street Zen cut shares of Rocket Companies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Oppenheimer began coverage on shares of Rocket Companies in a report on Thursday, November 13th. They set an “outperform” rating and a $25.00 price target for the company. Barclays set a $22.00 price objective on shares of Rocket Companies and gave the company an “equal weight” rating in a research report on Tuesday, January 6th. Finally, BTIG Research reiterated a “buy” rating and set a $25.00 target price 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 assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $20.50.

Insiders Place Their Bets

In other news, Director Matthew Rizik sold 2,500 shares of Rocket Companies 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 completion of the transaction, the director owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. The trade was a 0.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 35,000 shares of company stock valued at $694,000 over the last quarter. 92.64% of the stock is currently owned by corporate insiders.

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.