Rocket Companies, Inc. $RKT is MFG Wealth Management Inc.’s 3rd Largest Position

MFG Wealth Management Inc. increased its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 27.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 188,970 shares of the company’s stock after purchasing an additional 40,981 shares during the quarter. Rocket Companies accounts for approximately 2.9% of MFG Wealth Management Inc.’s holdings, making the stock its 3rd biggest position. MFG Wealth Management Inc.’s holdings in Rocket Companies were worth $3,658,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cloud Capital Management LLC purchased a new position in Rocket Companies during the 3rd quarter worth $25,000. Miller Wealth Advisors LLC boosted its holdings 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. Geneos Wealth Management Inc. purchased a new stake in shares of Rocket Companies in the third quarter valued at about $38,000. Newbridge Financial Services Group Inc. increased 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 worth $38,000 after acquiring an additional 1,750 shares during the period. Finally, CX Institutional acquired a new position in shares of Rocket Companies during the third quarter worth about $39,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction on Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the transaction, the director directly owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. The trade was 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 link. Over the last ninety days, insiders sold 17,500 shares of company stock valued at $360,225. Company insiders own 92.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Compass Point started coverage on Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price on the stock. Jefferies Financial Group began coverage on Rocket Companies in a research note on Friday, December 19th. They set a “buy” rating and a $25.00 target price for the company. Barclays set a $22.00 price target on Rocket Companies and gave the company an “equal weight” rating in a report on Tuesday, January 6th. Finally, Wells Fargo & Company lifted their price target on Rocket Companies from $17.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rocket Companies has an average rating of “Hold” and a consensus target price of $20.80.

Rocket Companies Trading Down 6.9%

Shares of RKT opened at $13.64 on Friday. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07. The firm’s 50-day moving average is $18.50 and its two-hundred day moving average is $18.59. Rocket Companies, Inc. has a twelve month low of $10.94 and a twelve month high of $24.36. The firm has a market capitalization of $28.70 billion, a P/E ratio of -104.88 and a beta of 2.30.

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

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.