GFG Capital LLC Acquires 829,259 Shares of Rocket Companies, Inc. $RKT

GFG Capital LLC purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 829,259 shares of the company’s stock, valued at approximately $9,545,000. Rocket Companies accounts for 2.2% of GFG Capital LLC’s portfolio, making the stock its 15th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mather Group LLC. lifted its stake in shares of Rocket Companies by 102.6% during the third quarter. Mather Group LLC. now owns 5,222 shares of the company’s stock worth $60,000 after purchasing an additional 2,645 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in Rocket Companies during the 3rd quarter valued at $254,000. Farther Finance Advisors LLC lifted its holdings in Rocket Companies by 12.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 32,318 shares of the company’s stock worth $372,000 after buying an additional 3,652 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Rocket Companies in the second quarter worth about $164,000. Finally, Integrated Wealth Concepts LLC increased its holdings in Rocket Companies by 32.8% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 142,805 shares of the company’s stock worth $2,249,000 after purchasing an additional 35,239 shares during the last quarter. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $10.79 on Friday. Rocket Companies, Inc. has a twelve month low of $10.18 and a twelve month high of $24.36. The company has a market cap of $30.54 billion, a price-to-earnings ratio of 77.05, a PEG ratio of 3.31 and a beta of 2.23. The business has a 50 day moving average price of $12.92 and a 200 day moving average price of $13.83. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.81 billion. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The business’s quarterly revenue was up 91.9% on a year-over-year basis. During the same period last year, the business posted $0.04 EPS. Research analysts predict that Rocket Companies, Inc. will post 0.48 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RKT. Royal Bank Of Canada restated a “sector perform” rating and set a $16.00 price objective (up from $15.00) on shares of Rocket Companies in a research note on Wednesday, August 12th. Stephens cut their target price on Rocket Companies from $22.50 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Wells Fargo & Company set a $13.00 price target on shares of Rocket Companies and gave the company an “equal weight” rating in a research note on Tuesday, October 6th. JPMorgan Chase & Co. cut their price objective on shares of Rocket Companies from $14.00 to $12.50 and set a “neutral” rating on the stock in a research note on Monday, October 12th. Finally, Barclays lowered their price objective on shares of Rocket Companies from $17.00 to $15.00 and set an “overweight” rating on the stock in a research note on Monday, October 5th. Eight analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.12.

Insider Buying and Selling

In other news, Rocket Mortgage CEO Jesse Bray sold 225,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $13.11, for a total value of $2,949,750.00. Following the sale, the insider directly owned 7,953,027 shares in the company, valued at approximately $104,264,183.97. This represents a 2.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 450,000 shares of company stock worth $5,687,074 in the last three months. 57.68% of the stock is owned by company insiders.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based fintech platform that provides digital financial and real estate services primarily to consumers in the United States. Its operations are centered on helping customers obtain, manage and refinance home loans, while also offering related services across the homeownership and personal finance lifecycle.

The company’s principal businesses include Rocket Mortgage, a digital mortgage lender and originator; Rocket Homes, a real estate marketplace and agent-referral platform; Rocket Money, a personal finance application that helps users manage subscriptions, budgets and bills; and Rocket Loans, which provides personal loans.