Emerald Mutual Fund Advisers Trust Makes New $1.05 Million Investment in Rocket Companies, Inc. $RKT

Emerald Mutual Fund Advisers Trust acquired a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the 3rd quarter, Holdings Channel reports. The fund acquired 54,049 shares of the company’s stock, valued at approximately $1,047,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. North Capital Inc. lifted its position in Rocket Companies by 287.2% during the second quarter. North Capital Inc. now owns 1,820 shares of the company’s stock worth $26,000 after buying an additional 1,350 shares during the period. SouthState Corp grew its holdings in Rocket Companies by 2,044.8% in the 2nd quarter. SouthState Corp now owns 2,059 shares of the company’s stock valued at $29,000 after buying an additional 1,963 shares during the period. Miller Wealth Advisors LLC increased its stake in shares of Rocket Companies by 65.0% during the 3rd 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 during the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of Rocket Companies during the 3rd quarter worth about $38,000. Finally, CX Institutional acquired a new stake in shares of Rocket Companies in the third quarter worth approximately $39,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RKT. Wells Fargo & Company upped their price target on shares of Rocket Companies from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. Barclays set a $22.00 price objective on shares of Rocket Companies and gave the company an “equal weight” rating in a research note on Tuesday, January 6th. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Morgan Stanley increased their target price on Rocket Companies from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Rocket Companies in a report on Monday, October 13th. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $20.50.

Rocket Companies Price Performance

Rocket Companies stock opened at $21.06 on Friday. The firm has a fifty day moving average of $19.88 and a 200-day moving average of $18.29. Rocket Companies, Inc. has a 52-week low of $10.94 and a 52-week high of $24.36. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. The firm has a market capitalization of $44.32 billion, a P/E ratio of 263.30 and a beta of 2.29.

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

Insider Activity at Rocket Companies

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

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.