Mangrove Partners IM LLC Sells 624,844 Shares of Rocket Companies, Inc. $RKT

Mangrove Partners IM LLC lowered its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 93.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 44,914 shares of the company’s stock after selling 624,844 shares during the period. Mangrove Partners IM LLC’s holdings in Rocket Companies were worth $870,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cloud Capital Management LLC purchased a new stake in Rocket Companies in the third quarter worth about $25,000. Miller Wealth Advisors LLC increased its position in 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 purchasing an additional 650 shares during the period. Newbridge Financial Services Group Inc. increased its position in Rocket Companies by 875.0% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $38,000 after purchasing an additional 1,750 shares during the period. Geneos Wealth Management Inc. bought a new stake in shares of Rocket Companies in the 3rd quarter valued at about $38,000. Finally, CX Institutional bought a new stake in shares of Rocket Companies in the 3rd quarter valued at about $39,000. 4.59% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction dated 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 sale, the director owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. The trade was a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 22,500 shares of company stock valued at $453,775 in the last three months. Company insiders own 92.64% of the company’s stock.

Rocket Companies Price Performance

NYSE RKT opened at $14.14 on Friday. The company has a market cap of $29.75 billion, a price-to-earnings ratio of -108.73 and a beta of 2.30. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. The stock’s fifty day moving average price is $19.22 and its 200 day moving average price is $18.72. Rocket Companies, Inc. has a 1 year low of $10.94 and a 1 year high of $24.36.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations 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 revenue was up 52.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.04 EPS. As a group, equities research analysts forecast that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Wells Fargo & Company boosted their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. Barclays set a $22.00 target price on Rocket Companies and gave the stock an “equal weight” rating in a report on Tuesday, January 6th. JPMorgan Chase & Co. assumed coverage on Rocket Companies in a research report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Six 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’s stock. According to data from MarketBeat, Rocket Companies currently has an average rating of “Hold” and a consensus price target of $20.67.

Rocket Companies Company 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.