40,400 Shares in Rocket Companies, Inc. $RKT Bought by SteelPeak Wealth LLC

SteelPeak Wealth LLC purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 40,400 shares of the company’s stock, valued at approximately $783,000.

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

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $19.25, for a total value of $48,125.00. Following the transaction, the director owned 1,061,036 shares of the company’s stock, valued at $20,424,943. This represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 32,500 shares of company stock valued at $611,850 in the last ninety days. 92.64% of the stock is currently owned by insiders.

Rocket Companies Trading Up 2.8%

NYSE RKT opened at $19.90 on Friday. The stock has a market cap of $41.88 billion, a PE ratio of 248.79 and a beta of 2.29. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $22.56. The company’s 50-day moving average price is $18.30 and its 200-day moving average price is $17.49. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Morgan Stanley boosted their target price on Rocket Companies from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Bank of America raised shares of Rocket Companies from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $21.00 to $24.00 in a research note on Wednesday, September 10th. Keefe, Bruyette & Woods raised their target price on shares of 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 report on Monday, December 29th. Finally, Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rocket Companies has a consensus rating of “Hold” and an average price target of $19.32.

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.