Rocket Companies, Inc. $RKT Stock Position Raised by MFG Wealth Management Inc.

MFG Wealth Management Inc. boosted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 27.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 188,970 shares of the company’s stock after acquiring an additional 40,981 shares during the period. Rocket Companies accounts for about 2.9% of MFG Wealth Management Inc.’s investment portfolio, making the stock its 3rd largest position. MFG Wealth Management Inc.’s holdings in Rocket Companies were worth $3,658,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in RKT. Everhart Financial Group Inc. acquired a new position in Rocket Companies during the fourth quarter worth about $385,000. GAMMA Investing LLC grew its position in shares of Rocket Companies by 133.9% in the fourth quarter. GAMMA Investing LLC now owns 57,578 shares of the company’s stock valued at $1,115,000 after purchasing an additional 32,958 shares during the last quarter. AIA Group Ltd acquired a new stake in shares of Rocket Companies in the third quarter valued at approximately $377,000. Hudson Bay Capital Management LP purchased a new position in shares of Rocket Companies during the 3rd quarter worth approximately $13,728,000. Finally, Allworth Financial LP increased its stake in shares of Rocket Companies by 85.8% during the 3rd quarter. Allworth Financial LP now owns 3,243 shares of the company’s stock worth $63,000 after purchasing an additional 1,498 shares in the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Companies Stock Down 6.9%

RKT stock opened at $13.64 on Friday. The stock has a market capitalization of $28.70 billion, a P/E ratio of -104.88 and a beta of 2.30. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. Rocket Companies, Inc. has a one year low of $10.94 and a one year high of $24.36. The company has a 50 day moving average price of $18.50 and a two-hundred day moving average price of $18.59.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the company posted $0.04 EPS. The business’s revenue for the quarter was up 52.2% compared to the same quarter last year. As a group, sell-side analysts expect that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RKT shares. Barclays set a $22.00 target price on Rocket Companies and gave the company an “equal weight” rating in a research note on Tuesday, January 6th. Wells Fargo & Company boosted their price target on Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Jefferies Financial Group started coverage on Rocket Companies in a research note on Friday, December 19th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, Compass Point started coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.80.

Insider Buying and Selling

In related news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction on 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 directly owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. This represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 17,500 shares of company stock valued at $360,225 in the last ninety days. Corporate insiders own 92.64% of the company’s stock.

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.