Rocket Companies, Inc. $RKT Shares Acquired by Brooktree Capital Management

Brooktree Capital Management lifted its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 27.5% in the third quarter, HoldingsChannel reports. The firm owned 148,653 shares of the company’s stock after acquiring an additional 32,088 shares during the period. Rocket Companies makes up about 1.8% of Brooktree Capital Management’s portfolio, making the stock its 13th biggest holding. Brooktree Capital Management’s holdings in Rocket Companies were worth $2,881,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Third Point LLC acquired a new stake in Rocket Companies during the 2nd quarter valued at $67,355,000. Broad Bay Capital Management LP purchased a new stake in shares of Rocket Companies in the second quarter valued at $51,585,000. Maple Rock Capital Partners Inc. acquired a new stake in shares of Rocket Companies during the second quarter valued at $32,984,000. Atreides Management LP purchased a new stake in Rocket Companies during the 2nd quarter worth about $24,561,000. Finally, Jump Financial LLC acquired a new position in Rocket Companies in the 2nd quarter valued at about $15,656,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Insider Buying and Selling at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The shares were 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 in the company, valued at approximately $20,424,943. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 35,000 shares of company stock valued at $694,000. Insiders own 92.64% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on RKT shares. JPMorgan Chase & Co. began coverage on shares of Rocket Companies in a research note on Monday, January 12th. They set a “neutral” rating and a $24.00 price target on the stock. Barclays set a $22.00 price objective on shares of Rocket Companies and gave the company an “equal weight” rating in a research note on Tuesday, January 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Keefe, Bruyette & Woods increased their price target on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research note on Thursday, December 18th. Finally, BTIG Research restated a “buy” rating and set a $25.00 price objective on shares of Rocket Companies in a report on Wednesday, November 19th. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $20.50.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $18.72 on Monday. The business’s fifty day moving average price is $20.17 and its 200 day moving average price is $18.88. Rocket Companies, Inc. has a twelve month low of $10.94 and a twelve month high of $24.36. 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 market capitalization of $39.39 billion, a P/E ratio of 233.97 and a beta of 2.31.

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.