Kestra Private Wealth Services LLC Buys 47,649 Shares of Rocket Companies, Inc. $RKT

Kestra Private Wealth Services LLC grew its position in Rocket Companies, Inc. (NYSE:RKT) by 76.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 109,803 shares of the company’s stock after purchasing an additional 47,649 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Rocket Companies were worth $2,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Cloud Capital Management LLC acquired a new position in shares of Rocket Companies during the 3rd quarter worth approximately $25,000. Pinnacle Bancorp Inc. boosted its holdings in shares of Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after purchasing an additional 1,183 shares in the last quarter. City State Bank bought a new position in Rocket Companies in the fourth quarter valued at about $30,000. Miller Wealth Advisors LLC grew its holdings in shares of Rocket Companies by 65.0% during the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after purchasing an additional 650 shares during the last quarter. Finally, Private Capital Management LLC bought a new stake in shares of Rocket Companies during the third quarter worth $182,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Stock Up 1.5%

Shares of NYSE:RKT opened at $14.62 on Friday. The company has a market capitalization of $41.23 billion, a PE ratio of -112.47 and a beta of 2.34. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. Rocket Companies, Inc. has a 1 year low of $11.08 and a 1 year high of $24.36. The business has a fifty day moving average price of $15.36 and a two-hundred day moving average price of $17.73.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the company earned $0.04 earnings per share. The company’s quarterly revenue was up 52.2% on a year-over-year basis. Analysts forecast that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on RKT. Compass Point began coverage on Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target on the stock. Wells Fargo & Company cut their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $20.00 to $22.00 in a research report on Monday, March 16th. Zacks Research downgraded Rocket Companies from a “hold” rating to a “strong sell” rating in a research note on Monday, April 13th. Finally, Citizens Jmp assumed coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating for the company. Nine equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.40.

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.