Wealth Enhancement Advisory Services LLC Buys 116,760 Shares of Rocket Companies, Inc. $RKT

Wealth Enhancement Advisory Services LLC boosted its stake in Rocket Companies, Inc. (NYSE:RKT) by 1,051.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 127,866 shares of the company’s stock after acquiring an additional 116,760 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Rocket Companies were worth $2,478,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on RKT shares. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. JPMorgan Chase & Co. began coverage on Rocket Companies in a research note on Monday, January 12th. They issued a “neutral” rating and a $24.00 price target on the stock. Jefferies Financial Group initiated coverage on Rocket Companies in a report on Friday, December 19th. They set a “buy” rating and a $25.00 price target on the stock. Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Barclays set a $22.00 target price on shares of Rocket Companies and gave the company an “equal weight” rating in a research report on Tuesday, January 6th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.50.

Rocket Companies Trading Down 0.2%

NYSE RKT opened at $20.73 on Friday. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. Rocket Companies, Inc. has a 52 week low of $10.94 and a 52 week high of $24.36. The business has a 50 day moving average price of $20.22 and a 200-day moving average price of $18.49. The company has a market cap of $43.62 billion, a price-to-earnings ratio of 259.09 and a beta of 2.29.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.Rocket Companies’s quarterly revenue was up 148.1% compared to the same quarter last year. During the same period last year, the business earned $0.08 EPS. As a group, equities analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total value of $48,600.00. Following the transaction, the director directly owned 1,066,036 shares of the company’s stock, valued at approximately $20,723,739.84. This trade represents a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 40,000 shares of company stock worth $779,425 in the last 90 days. Corporate insiders own 92.64% of the company’s stock.

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.