Exchange Traded Concepts LLC Increases Position in Rocket Companies, Inc. $RKT

Exchange Traded Concepts LLC raised its holdings in Rocket Companies, Inc. (NYSE:RKT) by 1,311.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 236,369 shares of the company’s stock after purchasing an additional 219,621 shares during the period. Exchange Traded Concepts LLC’s holdings in Rocket Companies were worth $4,581,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RKT. Third Point LLC bought a new stake in shares of Rocket Companies in the second quarter worth $67,355,000. Broad Bay Capital Management LP acquired a new position in Rocket Companies during the 2nd quarter worth $51,585,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Rocket Companies in the 2nd quarter worth about $44,102,000. Maple Rock Capital Partners Inc. acquired a new stake in shares of Rocket Companies in the 2nd quarter valued at about $32,984,000. Finally, Atreides Management LP acquired a new stake in shares of Rocket Companies in the 2nd quarter valued at about $24,561,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $18.99, for a total transaction of $47,475.00. Following the completion of the transaction, the director owned 1,071,036 shares in the company, valued at approximately $20,338,973.64. This represents a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 25,000 shares of company stock worth $466,675 over the last three months. Insiders own 92.64% of the company’s stock.

Rocket Companies Stock Up 2.2%

NYSE:RKT opened at $19.50 on Thursday. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16. The stock has a 50 day moving average of $17.96 and a 200-day moving average of $17.19. The firm has a market capitalization of $41.04 billion, a PE ratio of 243.78 and a beta of 2.26. Rocket Companies, Inc. has a 52 week low of $10.06 and a 52 week high of $22.56.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.65 billion. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.The business’s revenue was up 148.1% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS. Analysts predict that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Rocket Companies in a research note on Monday, October 13th. Royal Bank Of Canada increased their target price on Rocket Companies from $17.00 to $20.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday. Barclays set a $19.00 price target on Rocket Companies and gave the company a “cautious” rating in a report on Monday, October 6th. Finally, Morgan Stanley raised their price objective on Rocket Companies from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Monday, September 29th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.32.

Rocket Companies Company 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.