Pinnbrook Capital Management LP Buys Shares of 294,081 Rocket Companies, Inc. $RKT

Pinnbrook Capital Management LP purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 294,081 shares of the company’s stock, valued at approximately $5,699,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cloud Capital Management LLC acquired a new stake in Rocket Companies during the 3rd quarter worth $25,000. Miller Wealth Advisors LLC grew its stake in Rocket Companies by 65.0% in the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after acquiring an additional 650 shares during the period. Geneos Wealth Management Inc. bought a new stake in shares of Rocket Companies in the third quarter worth about $38,000. CX Institutional bought a new stake in shares of Rocket Companies in the third quarter worth about $39,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Rocket Companies by 159.7% during the third quarter. EverSource Wealth Advisors LLC now owns 2,161 shares of the company’s stock worth $42,000 after purchasing an additional 1,329 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction 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 owned 1,038,536 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Insiders have sold a total of 22,500 shares of company stock valued at $453,775 over the last 90 days. Insiders own 92.64% of the company’s stock.

Rocket Companies Stock Down 3.1%

NYSE:RKT opened at $14.14 on Friday. The stock has a 50-day simple moving average of $19.22 and a 200 day simple moving average of $18.72. Rocket Companies, Inc. has a 52-week low of $10.94 and a 52-week high of $24.36. The company has a market cap of $29.75 billion, a PE ratio of -108.73 and a beta of 2.30. 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 (NYSE:RKT) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate 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 was up 52.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.04 EPS. On average, sell-side analysts expect that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RKT shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Wells Fargo & Company raised their target price on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Keefe, Bruyette & Woods lifted their price target on shares of Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Compass Point assumed coverage on shares of Rocket Companies in a report on Tuesday. They issued a “buy” rating and a $21.00 price target for the company. Finally, Jefferies Financial Group started coverage on shares of Rocket Companies in a research report on Friday, December 19th. They set a “buy” rating and a $25.00 price objective for the company. Six research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.67.

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.