Wealthspire Advisors LLC Buys Shares of 740,100 Rocket Companies, Inc. (NYSE:RKT)

Wealthspire Advisors LLC bought a new stake in Rocket Companies, Inc. (NYSE:RKTGet Rating) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 740,100 shares of the company’s stock, valued at approximately $8,230,000.

Several other large investors also recently bought and sold shares of RKT. Rockefeller Capital Management L.P. grew its holdings in Rocket Companies by 173.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,500 shares of the company’s stock valued at $49,000 after purchasing an additional 2,219 shares during the last quarter. Pinebridge Investments L.P. acquired a new stake in Rocket Companies in the fourth quarter valued at $74,000. Point72 Hong Kong Ltd acquired a new stake in Rocket Companies in the fourth quarter valued at $95,000. ETF Managers Group LLC acquired a new stake in Rocket Companies in the fourth quarter valued at $100,000. Finally, New York State Teachers Retirement System boosted its stake in shares of Rocket Companies by 126.9% during the first quarter. New York State Teachers Retirement System now owns 11,800 shares of the company’s stock valued at $131,000 after acquiring an additional 6,600 shares during the last quarter. Institutional investors and hedge funds own 3.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on RKT shares. Argus lowered Rocket Companies from a “buy” rating to a “hold” rating in a research note on Tuesday, May 31st. Wedbush decreased their price objective on Rocket Companies to $7.00 and set a “na” rating on the stock in a research note on Tuesday, May 17th. Royal Bank of Canada decreased their price target on Rocket Companies from $18.00 to $9.00 in a research note on Thursday, May 12th. Barclays decreased their price target on Rocket Companies from $11.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Monday, July 11th. Finally, Credit Suisse Group decreased their price target on Rocket Companies to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, May 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and an average target price of $10.38.

Rocket Companies Stock Performance

Shares of NYSE:RKT opened at $9.95 on Friday. The company has a market cap of $19.60 billion, a P/E ratio of 7.77, a PEG ratio of 4.18 and a beta of 1.72. The company has a debt-to-equity ratio of 1.40, a quick ratio of 13.54 and a current ratio of 13.54. Rocket Companies, Inc. has a one year low of $6.27 and a one year high of $19.55. The business’s 50-day simple moving average is $8.46 and its 200 day simple moving average is $9.95.

Rocket Companies (NYSE:RKTGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.05). Rocket Companies had a return on equity of 19.55% and a net margin of 1.85%. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Rocket Companies’s revenue for the quarter was down 47.8% compared to the same quarter last year. On average, sell-side analysts forecast that Rocket Companies, Inc. will post 0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rocket Companies news, CEO Jay Farner acquired 31,100 shares of the company’s stock in a transaction on Friday, June 17th. The shares were bought at an average cost of $6.46 per share, for a total transaction of $200,906.00. Following the acquisition, the chief executive officer now directly owns 2,740,107 shares of the company’s stock, valued at $17,701,091.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired 819,800 shares of company stock worth $6,843,633 in the last three months. 94.01% of the stock is owned by insiders.

Rocket Companies Company Profile

(Get Rating)

Rocket Companies, Inc engages in the tech-driven real estate, mortgage, and e-Commerce businesses in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

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Institutional Ownership by Quarter for Rocket Companies (NYSE:RKT)

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