DAVENPORT & Co LLC Takes Position in Rocket Companies, Inc. $RKT

DAVENPORT & Co LLC purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 26,679 shares of the company’s stock, valued at approximately $517,000.

A number of other institutional investors have also added to or reduced their stakes in RKT. Lincoln Capital Corp boosted its stake in Rocket Companies by 304.1% during the second quarter. Lincoln Capital Corp now owns 270,614 shares of the company’s stock worth $3,837,000 after acquiring an additional 203,639 shares in the last quarter. Woodline Partners LP bought a new stake in shares of Rocket Companies in the 1st quarter worth approximately $5,381,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Rocket Companies in the 2nd quarter worth approximately $44,102,000. MFG Wealth Management Inc. grew its stake in shares of Rocket Companies by 37.6% in the 2nd quarter. MFG Wealth Management Inc. now owns 177,762 shares of the company’s stock worth $2,521,000 after buying an additional 48,560 shares during the last quarter. Finally, Clifford Capital Partners LLC bought a new position in Rocket Companies during the 2nd quarter valued at approximately $11,487,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $20.04 on Wednesday. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. The firm has a market cap of $42.18 billion, a price-to-earnings ratio of 250.57 and a beta of 2.26. The business has a 50-day simple moving average of $18.18 and a two-hundred day simple moving average of $17.39. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $22.56.

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

Insider Buying and Selling

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction on Friday, December 26th. The shares were sold at an average price of $19.38, for a total transaction of $48,450.00. Following the completion of the sale, the director directly owned 1,063,536 shares in the company, valued at approximately $20,611,327.68. The trade was a 0.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 30,000 shares of company stock valued at $563,725. Insiders own 92.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on RKT. Keefe, Bruyette & Woods boosted their target price on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday. Morgan Stanley increased their price objective on shares of Rocket Companies from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Rocket Companies in a report on Monday, October 13th. Finally, Wall Street Zen downgraded shares of Rocket Companies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Five 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $19.32.

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.