Wealthspire Advisors LLC Reduces Position in Rocket Companies, Inc. $RKT

Wealthspire Advisors LLC lessened its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 9.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 795,397 shares of the company’s stock after selling 82,600 shares during the period. Wealthspire Advisors LLC’s holdings in Rocket Companies were worth $15,399,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Pinnacle Bancorp Inc. grew its position in Rocket Companies by 369.7% during the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares during the last quarter. City State Bank purchased a new stake in Rocket Companies during the 4th quarter worth approximately $30,000. Smithfield Trust Co purchased a new stake in Rocket Companies during the 4th quarter worth approximately $32,000. Key Financial Inc purchased a new stake in Rocket Companies during the 4th quarter worth approximately $32,000. Finally, Sound Income Strategies LLC grew its position in Rocket Companies by 354.8% during the 4th quarter. Sound Income Strategies LLC now owns 1,974 shares of the company’s stock worth $38,000 after purchasing an additional 1,540 shares during the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

Shares of NYSE RKT opened at $13.06 on Friday. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13. Rocket Companies, Inc. has a 12 month low of $12.17 and a 12 month high of $24.36. The company has a 50 day simple moving average of $14.43 and a two-hundred day simple moving average of $17.10. The stock has a market cap of $36.96 billion, a price-to-earnings ratio of 261.26 and a beta of 2.19.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same period in the previous year, the business posted $0.04 EPS. The business’s quarterly revenue was up 167.1% compared to the same quarter last year. As a group, analysts predict that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on RKT shares. Stephens started coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Weiss Ratings upgraded shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Keefe, Bruyette & Woods decreased their price objective on shares of Rocket Companies from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research note on Monday, May 11th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.93.

Rocket Companies 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.