Belpointe Asset Management LLC Makes New $972,000 Investment in Rocket Companies, Inc. $RKT

Belpointe Asset Management LLC acquired a new stake in Rocket Companies, Inc. (NYSE:RKT) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 50,136 shares of the company’s stock, valued at approximately $972,000.

A number of other institutional investors also recently bought and sold shares of the business. Fortis Capital Advisors LLC acquired a new stake in shares of Rocket Companies in the third quarter worth $642,000. B. Riley Wealth Advisors Inc. acquired a new stake in Rocket Companies during the 3rd quarter worth about $252,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Rocket Companies by 98.3% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 49,582 shares of the company’s stock valued at $961,000 after buying an additional 24,583 shares during the last quarter. Cheviot Value Management LLC lifted its holdings in shares of Rocket Companies by 1,424.1% in the 3rd quarter. Cheviot Value Management LLC now owns 2,408 shares of the company’s stock valued at $47,000 after buying an additional 2,250 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its position in Rocket Companies by 141.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 129,872 shares of the company’s stock valued at $2,517,000 after acquiring an additional 76,106 shares in the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $20.73 on Friday. The stock has a market capitalization of $43.62 billion, a P/E ratio of 259.09 and a beta of 2.29. The business has a 50 day simple moving average of $20.22 and a two-hundred day simple moving average of $18.49. Rocket Companies, Inc. has a 12 month low of $10.94 and a 12 month high of $24.36. The company has a debt-to-equity ratio of 2.16, a current ratio of 19.68 and a quick ratio of 19.68.

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

Analyst Ratings Changes

A number of brokerages have recently commented on RKT. Jefferies Financial Group began coverage on shares of Rocket Companies in a research note on Friday, December 19th. They set a “buy” rating and a $25.00 price objective on the stock. 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 research report on Wednesday, October 29th. Wells Fargo & Company lifted their price objective on shares of Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Oppenheimer assumed coverage on shares of Rocket Companies in a research note on Thursday, November 13th. They set an “outperform” rating and a $25.00 target price on the stock. Finally, BTIG Research restated a “buy” rating and set a $25.00 target price on shares of Rocket Companies in a research report on Wednesday, November 19th. Five equities 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. According to MarketBeat, Rocket Companies presently has an average rating of “Hold” and a consensus price target of $20.50.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This represents a 0.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 40,000 shares of company stock valued at $779,425 in the last ninety days. 92.64% of the stock is owned by corporate insiders.

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.