Triasima Portfolio Management inc. Buys Shares of 157,270 Rocket Companies, Inc. $RKT

Triasima Portfolio Management inc. purchased a new position in Rocket Companies, Inc. (NYSE:RKT) in the third quarter, Holdings Channel.com reports. The firm purchased 157,270 shares of the company’s stock, valued at approximately $3,048,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Third Point LLC bought a new stake in Rocket Companies in the 2nd quarter worth approximately $67,355,000. Broad Bay Capital Management LP bought a new stake in shares of Rocket Companies in the second quarter worth $51,585,000. Allspring Global Investments Holdings LLC purchased a new stake in Rocket Companies during the second quarter valued at $44,102,000. Maple Rock Capital Partners Inc. bought a new position in Rocket Companies in the second quarter valued at about $32,984,000. Finally, Atreides Management LP purchased a new position in Rocket Companies in the second quarter worth about $24,561,000. Institutional investors own 4.59% of the company’s stock.

Insider Activity

In other news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $22.99, for a total value of $57,475.00. Following the transaction, the director owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 40,000 shares of company stock worth $779,425 in the last quarter. Company insiders own 92.64% of the company’s stock.

Analysts Set New Price Targets

RKT has been the subject of several research reports. Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. BTIG Research restated a “buy” rating and set a $25.00 target price on shares of Rocket Companies in a research report on Wednesday, November 19th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, Barclays set a $22.00 price objective on Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $20.50.

Rocket Companies Trading Down 3.5%

Shares of Rocket Companies stock opened at $22.43 on Tuesday. Rocket Companies, Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $24.36. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. The company has a market capitalization of $47.21 billion, a P/E ratio of 281.72 and a beta of 2.29. The company has a fifty day moving average of $19.56 and a 200 day moving average of $18.14.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.65 billion. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.The business’s revenue was up 148.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.08 earnings per share. On average, sell-side analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

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.