Rocket Companies, Inc. $RKT Shares Bought by Alight Capital Management LP

Alight Capital Management LP grew its position in Rocket Companies, Inc. (NYSE:RKT) by 12.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 700,000 shares of the company’s stock after purchasing an additional 75,000 shares during the period. Rocket Companies makes up approximately 2.9% of Alight Capital Management LP’s holdings, making the stock its 7th biggest position. Alight Capital Management LP’s holdings in Rocket Companies were worth $13,566,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Cloud Capital Management LLC bought a new position in Rocket Companies in the 3rd quarter worth approximately $25,000. Miller Wealth Advisors LLC boosted its position in Rocket Companies by 65.0% during the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after acquiring an additional 650 shares during the period. Newbridge Financial Services Group Inc. grew its stake in shares of Rocket Companies by 875.0% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock worth $38,000 after purchasing an additional 1,750 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in shares of Rocket Companies during the third quarter valued at $38,000. Finally, CX Institutional acquired a new position in shares of Rocket Companies during the third quarter valued at $39,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RKT. JPMorgan Chase & Co. began coverage on shares of Rocket Companies in a report on Monday, January 12th. They issued a “neutral” rating and a $24.00 price objective for the company. Compass Point assumed coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price on the stock. Keefe, Bruyette & Woods boosted their price target 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. Jefferies Financial Group started coverage on shares of Rocket Companies in a research note on Friday, December 19th. They issued a “buy” rating and a $25.00 price target for the company. Finally, Wells Fargo & Company raised their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Six equities research 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 data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.67.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the sale, the director directly owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. This represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 22,500 shares of company stock valued at $453,775. 92.64% of the stock is owned by insiders.

Rocket Companies Trading Down 3.1%

Shares of RKT stock opened at $14.14 on Friday. The stock has a 50-day simple moving average of $19.22 and a 200 day simple moving average of $18.72. The stock has a market capitalization of $29.75 billion, a P/E ratio of -108.73 and a beta of 2.30. Rocket Companies, Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $24.36. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the company earned $0.04 EPS. Rocket Companies’s revenue was up 52.2% on a year-over-year basis. On average, sell-side analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

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.