Fortis Capital Advisors LLC Takes $642,000 Position in Rocket Companies, Inc. $RKT

Fortis Capital Advisors LLC acquired a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 3rd quarter, Holdings Channel reports. The fund acquired 33,141 shares of the company’s stock, valued at approximately $642,000.

Several other large investors also recently bought and sold shares of RKT. PNC Financial Services Group Inc. increased its stake in Rocket Companies by 18.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock valued at $55,000 after purchasing an additional 605 shares in the last quarter. Miller Wealth Advisors LLC increased its position in shares of Rocket Companies by 65.0% in the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after acquiring an additional 650 shares during the period. Amundi raised its stake in Rocket Companies by 2.3% in the 2nd quarter. Amundi now owns 34,170 shares of the company’s stock worth $498,000 after acquiring an additional 754 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Rocket Companies by 23.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,339 shares of the company’s stock worth $62,000 after acquiring an additional 816 shares during the period. Finally, Cranbrook Wealth Management LLC lifted its position in Rocket Companies by 11.6% during the 3rd quarter. Cranbrook Wealth Management LLC now owns 9,644 shares of the company’s stock worth $187,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $22.99, for a total value of $57,475.00. Following the completion of the transaction, the director owned 1,038,536 shares in the company, valued at $23,875,942.64. The trade was a 0.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 40,000 shares of company stock worth $779,425. 92.64% of the stock is owned by company insiders.

Analysts Set New Price Targets

RKT has been the topic of a number of research reports. Oppenheimer initiated coverage on Rocket Companies in a report on Thursday, November 13th. They issued an “outperform” rating and a $25.00 price objective on the stock. Barclays set a $22.00 price target on shares of Rocket Companies and gave the stock an “equal weight” rating in a report on Tuesday, January 6th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Rocket Companies in a research note on Monday, October 13th. BTIG Research reiterated a “buy” rating and issued a $25.00 price objective on shares of Rocket Companies in a research note on Wednesday, November 19th. Finally, Jefferies Financial Group initiated coverage on shares of Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 target price for the company. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.50.

Rocket Companies Price Performance

NYSE:RKT opened at $21.01 on Wednesday. The company has a debt-to-equity ratio of 2.16, a current ratio of 19.68 and a quick ratio of 19.68. The company has a 50 day moving average price of $20.05 and a 200-day moving average price of $18.46. Rocket Companies, Inc. has a 1-year low of $10.94 and a 1-year high of $24.36. The firm has a market cap of $44.22 billion, a price-to-earnings ratio of 262.68 and a beta of 2.29.

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

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.