WCG Wealth Advisors LLC Purchases New Shares in Rocket Companies, Inc. $RKT

WCG Wealth Advisors LLC bought a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 287,921 shares of the company’s stock, valued at approximately $5,574,000.

Other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada grew its position in Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after buying an additional 22,861 shares during the period. Amundi increased its stake in shares of Rocket Companies by 3.1% in the first quarter. Amundi now owns 33,416 shares of the company’s stock worth $403,000 after purchasing an additional 997 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Rocket Companies by 1,086.5% in the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after purchasing an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Rocket Companies by 12.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after acquiring an additional 40,326 shares in the last quarter. Finally, Creative Planning raised its position in shares of Rocket Companies by 17.2% in the second quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after buying an additional 2,679 shares in the last quarter. Institutional investors own 4.59% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $20.00 price target on shares of Rocket Companies in a research note on Monday, May 11th. Stephens assumed coverage on Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective on the stock. Citizens Jmp initiated coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating for the company. Finally, Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.93.

Rocket Companies Price Performance

RKT opened at $13.26 on Friday. The company’s 50-day simple moving average is $14.57 and its two-hundred day simple moving average is $17.26. 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 stock has a market capitalization of $37.52 billion, a P/E ratio of 265.22 and a beta of 2.19. Rocket Companies, Inc. has a 52-week low of $12.38 and a 52-week high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share 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 firm 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 company earned $0.04 earnings per share. The firm’s quarterly revenue was up 167.1% on a year-over-year basis. As a group, analysts predict that Rocket Companies, Inc. will post 0.65 EPS for the current year.

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.