Spire Wealth Management Reduces Holdings in Rocket Companies, Inc. $RKT

Spire Wealth Management reduced its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 91.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 recently bought and sold shares of the stock. Cloud Capital Management LLC purchased a new position in Rocket Companies during the third quarter worth $25,000. Miller Wealth Advisors LLC lifted its position in shares of 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 in the last quarter. Private Capital Management LLC purchased a new stake in shares of Rocket Companies in the third quarter valued at $182,000. Newbridge Financial Services Group Inc. boosted its stake in shares of Rocket Companies by 875.0% during the third quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $38,000 after acquiring an additional 1,750 shares during the last quarter. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Rocket Companies during the third quarter valued at $38,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Insider Buying and Selling at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the firm’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 value of $57,475.00. Following the sale, the director directly owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 7,500 shares of company stock worth $167,575. Corporate insiders own 92.64% of the company’s stock.

Rocket Companies Stock Performance

Rocket Companies stock opened at $14.47 on Thursday. The firm has a market capitalization of $40.79 billion, a P/E ratio of -111.27 and a beta of 2.34. The stock has a fifty day moving average price of $17.12 and a 200 day moving average price of $18.26. Rocket Companies, Inc. has a 52 week low of $10.94 and a 52 week high of $24.36. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on RKT shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Barclays set a $22.00 price target on shares of Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Jefferies Financial Group initiated coverage on shares of Rocket Companies in a research report on Friday, December 19th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, JPMorgan Chase & Co. started coverage on shares of Rocket Companies in a research note on Monday, January 12th. They set a “neutral” rating and a $24.00 price objective on the stock. Seven investment 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.14.

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.