Elevation Point Wealth Partners LLC Purchases Shares of 64,105 Rocket Companies, Inc. $RKT

Elevation Point Wealth Partners LLC purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 64,105 shares of the company’s stock, valued at approximately $913,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. ORG Partners LLC grew its holdings in shares of Rocket Companies by 22.3% during the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock worth $55,000 after purchasing an additional 520 shares during the period. Manchester Capital Management LLC raised its holdings in Rocket Companies by 0.5% in the fourth quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock valued at $2,255,000 after buying an additional 618 shares during the period. Composition Wealth LLC lifted its position in Rocket Companies by 2.7% during the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after buying an additional 668 shares in the last quarter. Parallel Advisors LLC grew its stake in Rocket Companies by 26.1% during the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock worth $63,000 after buying an additional 677 shares during the period. Finally, Red Door Wealth Management LLC grew its stake in Rocket Companies by 6.7% during the first quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock worth $159,000 after buying an additional 698 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a report on Monday, May 11th. Keefe, Bruyette & Woods cut their price objective on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. Wells Fargo & Company reduced their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. decreased their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average price target of $20.87.

Rocket Companies Trading Down 1.2%

NYSE:RKT opened at $15.58 on Tuesday. The stock has a market cap of $44.08 billion, a price-to-earnings ratio of 311.60 and a beta of 2.16. Rocket Companies, Inc. has a one year low of $12.17 and a one year high of $24.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The business’s 50-day simple moving average is $14.20 and its 200 day simple moving average is $16.57.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the business earned $0.04 EPS. Rocket Companies’s revenue for the quarter was up 167.1% compared to the same quarter last year. As a group, sell-side analysts predict that Rocket Companies, Inc. will post 0.61 earnings per share for the current fiscal 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.