Rocket Companies, Inc. $RKT Shares Sold by Spire Wealth Management

Spire Wealth Management cut its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 91.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,317 shares of the company’s stock after selling 228,003 shares during the period. Spire Wealth Management’s holdings in Rocket Companies were worth $432,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada boosted its holdings in Rocket Companies by 48.9% in the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after acquiring an additional 22,861 shares during the last quarter. Amundi grew its position in Rocket Companies by 3.1% during the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after acquiring an additional 997 shares during the period. AQR Capital Management LLC increased its stake in Rocket Companies by 1,086.5% during the first quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock worth $4,734,000 after acquiring an additional 366,716 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Rocket Companies by 12.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after purchasing an additional 40,326 shares during the period. Finally, Creative Planning raised its holdings in shares of Rocket Companies by 17.2% in the 2nd quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after purchasing an additional 2,679 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RKT shares. Compass Point assumed coverage on Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price for the company. JPMorgan Chase & Co. initiated coverage on shares of Rocket Companies in a report on Monday, January 12th. They issued a “neutral” rating and a $24.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Citizens Jmp began coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They set a “market perform” rating for the company. Finally, Wells Fargo & Company increased their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $21.14.

Rocket Companies Price Performance

Shares of NYSE RKT opened at $14.47 on Thursday. Rocket Companies, Inc. has a 1-year low of $10.94 and a 1-year high of $24.36. The business has a 50-day moving average of $17.12 and a 200-day moving average of $18.26. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. The company has a market capitalization of $40.79 billion, a price-to-earnings ratio of -111.27 and a beta of 2.34.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. The business had revenue of $2.44 billion for 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 company’s revenue was up 52.2% on a year-over-year basis. During the same period last year, the business posted $0.04 EPS. On average, equities analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS 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 completion of the sale, the director owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 7,500 shares of company stock valued at $167,575 over the last three months. 92.64% of the stock is owned by company insiders.

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.