Polar Asset Management Partners Inc. Makes New Investment in Rocket Companies, Inc. $RKT

Polar Asset Management Partners Inc. purchased a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 49,378 shares of the company’s stock, valued at approximately $957,000.

Other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. increased its position in shares of Rocket Companies by 18.4% during the second quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock worth $55,000 after acquiring an additional 605 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Rocket Companies by 3.5% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock valued at $365,000 after purchasing an additional 636 shares during the period. Miller Wealth Advisors LLC grew its stake in Rocket Companies by 65.0% during the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after purchasing an additional 650 shares in the last quarter. Parallel Advisors LLC grew its stake in Rocket Companies by 26.1% during the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock worth $63,000 after purchasing an additional 677 shares in the last quarter. Finally, Amundi increased its holdings in Rocket Companies by 2.3% during the 2nd quarter. Amundi now owns 34,170 shares of the company’s stock worth $498,000 after purchasing an additional 754 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RKT. Keefe, Bruyette & Woods raised Rocket Companies from a “market perform” rating to an “outperform” rating and increased their price target for the company from $20.00 to $22.00 in a research report on Monday, March 16th. Compass Point initiated 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. JPMorgan Chase & Co. initiated coverage on shares of Rocket Companies in a research note on Monday, January 12th. They set a “neutral” rating and a $24.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Finally, Wells Fargo & Company lifted their price target on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and a consensus price target of $20.80.

Rocket Companies Stock Down 6.9%

Shares of NYSE RKT opened at $13.64 on Friday. The business has a 50-day moving average of $18.50 and a two-hundred day moving average of $18.59. The company has a market capitalization of $28.70 billion, a price-to-earnings ratio of -104.88 and a beta of 2.30. Rocket Companies, Inc. has a 1 year low of $10.94 and a 1 year high of $24.36. 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 (NYSE:RKT) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.11 EPS for the quarter, beating 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 business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the prior year, the business posted $0.04 EPS. The business’s revenue for the quarter was up 52.2% on a year-over-year basis. On average, analysts forecast that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred 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 directly owned 1,038,536 shares in the company, valued at $23,875,942.64. This represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 17,500 shares of company stock valued at $360,225 over the last three months. 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.