Great Point Wealth Advisors LLC Invests $922,000 in Rocket Companies, Inc. $RKT

Great Point Wealth Advisors LLC acquired a new stake in Rocket Companies, Inc. (NYSE:RKT) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 47,556 shares of the company’s stock, valued at approximately $922,000.

Other large investors have also bought and sold shares of the company. North Capital Inc. grew its position in shares of Rocket Companies by 287.2% in the 2nd quarter. North Capital Inc. now owns 1,820 shares of the company’s stock valued at $26,000 after buying an additional 1,350 shares during the last quarter. SouthState Corp raised its position in shares of Rocket Companies by 2,044.8% during the second quarter. SouthState Corp now owns 2,059 shares of the company’s stock worth $29,000 after acquiring an additional 1,963 shares during the last quarter. Miller Wealth Advisors LLC lifted its stake in shares of Rocket Companies by 65.0% in the third 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. Geneos Wealth Management Inc. acquired a new position in shares of Rocket Companies in the third quarter worth approximately $38,000. Finally, CX Institutional bought a new stake in Rocket Companies in the third quarter valued at approximately $39,000. 4.59% of the stock is owned by institutional investors.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The stock was sold at an average price of $19.44, for a total value of $48,600.00. Following the completion of the sale, the director owned 1,066,036 shares of the company’s stock, valued at approximately $20,723,739.84. This trade represents a 0.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 40,000 shares of company stock valued at $779,425 in the last 90 days. 92.64% of the stock is currently owned by corporate insiders.

Rocket Companies Trading Down 0.8%

RKT opened at $23.25 on Friday. The company has a fifty day moving average price of $19.44 and a two-hundred day moving average price of $18.02. Rocket Companies, Inc. has a 1-year low of $10.94 and a 1-year high of $24.36. The company has a market cap of $48.93 billion, a P/E ratio of 290.66 and a beta of 2.29. 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 released its quarterly earnings data on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. The business’s revenue was up 148.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.08 EPS. Analysts predict that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on RKT. The Goldman Sachs Group restated a “neutral” rating and set a $22.00 price target (up previously from $16.00) on shares of Rocket Companies in a report on Wednesday, October 29th. Oppenheimer started coverage on shares of Rocket Companies in a research report on Thursday, November 13th. They set an “outperform” rating and a $25.00 price objective for the company. Royal Bank Of Canada boosted their target price on shares of Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a report on Wednesday, October 8th. Wall Street Zen cut shares of Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Barclays set a $22.00 price objective on Rocket Companies and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.50.

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.