Oppenheimer & Co. Inc. Purchases New Shares in Rocket Companies, Inc. $RKT

Oppenheimer & Co. Inc. purchased a new position in Rocket Companies, Inc. (NYSE:RKT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 63,665 shares of the company’s stock, valued at approximately $1,234,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RKT. Third Point LLC bought a new position in shares of Rocket Companies in the 2nd quarter worth about $67,355,000. Broad Bay Capital Management LP purchased a new stake in Rocket Companies in the second quarter worth about $51,585,000. Maple Rock Capital Partners Inc. bought a new position in shares of Rocket Companies during the second quarter valued at approximately $32,984,000. Atreides Management LP purchased a new position in shares of Rocket Companies during the second quarter valued at approximately $24,561,000. Finally, Jump Financial LLC purchased a new position in shares of Rocket Companies during the second quarter valued at approximately $15,656,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Price Performance

NYSE RKT opened at $18.72 on Friday. Rocket Companies, Inc. has a one year low of $10.94 and a one year high of $24.36. The stock has a 50-day moving average of $20.17 and a 200 day moving average of $18.85. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. The company has a market capitalization of $39.39 billion, a price-to-earnings ratio of 233.97 and a beta of 2.31.

Analysts Set New Price Targets

RKT has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research note on Thursday, December 18th. Barclays set a $22.00 target price on Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. JPMorgan Chase & Co. began coverage on shares of Rocket Companies in a research note on Monday, January 12th. They issued a “neutral” rating and a $24.00 price target on the stock. Finally, Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Five investment 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 MarketBeat.com, the company has an average rating of “Hold” and an average price target of $20.50.

Insiders Place Their Bets

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction dated Friday, December 26th. The stock was sold at an average price of $19.38, for a total value of $48,450.00. Following the transaction, the director directly owned 1,063,536 shares of the company’s stock, valued at approximately $20,611,327.68. This trade represents a 0.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 37,500 shares of company stock valued at $735,750 over the last 90 days. 92.64% of the stock is currently owned by corporate insiders.

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.