Private Advisory Group LLC Has $13.47 Million Holdings in Rocket Companies, Inc. $RKT

Private Advisory Group LLC increased its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 28.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 695,612 shares of the company’s stock after acquiring an additional 155,670 shares during the quarter. Rocket Companies comprises about 1.1% of Private Advisory Group LLC’s investment portfolio, making the stock its 28th largest holding. Private Advisory Group LLC’s holdings in Rocket Companies were worth $13,467,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of RKT. Cloud Capital Management LLC acquired a new position in shares of Rocket Companies during the 3rd quarter worth approximately $25,000. Miller Wealth Advisors LLC increased its holdings in shares of Rocket Companies by 65.0% during the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after purchasing an additional 650 shares during the period. Geneos Wealth Management Inc. acquired a new stake in shares of Rocket Companies in the third quarter valued at approximately $38,000. Newbridge Financial Services Group Inc. boosted its stake in shares of Rocket Companies by 875.0% in the third quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $38,000 after buying an additional 1,750 shares during the period. Finally, CX Institutional bought a new stake in shares of Rocket Companies in the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Wells Fargo & Company raised their price objective on Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. Jefferies Financial Group started coverage on Rocket Companies in a report on Friday, December 19th. They set a “buy” rating and a $25.00 target price on the stock. Compass Point assumed coverage on Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target for the company. Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $20.00 to $22.00 in a research report on Monday, March 16th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and an average target price of $20.80.

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have sold 7,500 shares of company stock worth $167,575. Insiders own 92.64% of the company’s stock.

Rocket Companies Trading Up 0.0%

Shares of RKT opened at $13.67 on Monday. 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 52-week low of $10.94 and a 52-week high of $24.36. The firm has a market cap of $38.56 billion, a price-to-earnings ratio of -105.18 and a beta of 2.30. The business’s fifty day moving average is $17.60 and its 200-day moving average is $18.39.

Rocket Companies (NYSE:RKT) last released its earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The business’s revenue for the quarter was up 52.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.04 earnings per share. Equities analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

About Rocket Companies

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.