Wealth Enhancement Advisory Services LLC Has $2.48 Million Stock Position in Rocket Companies, Inc. $RKT

Wealth Enhancement Advisory Services LLC boosted its stake in Rocket Companies, Inc. (NYSE:RKT) by 1,051.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,866 shares of the company’s stock after purchasing an additional 116,760 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Rocket Companies were worth $2,478,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Third Point LLC bought a new position in Rocket Companies in the 2nd quarter valued at about $67,355,000. Broad Bay Capital Management LP acquired a new stake in shares of Rocket Companies during the 2nd quarter worth approximately $51,585,000. Allspring Global Investments Holdings LLC bought a new position in Rocket Companies in the second quarter valued at approximately $44,102,000. Maple Rock Capital Partners Inc. acquired a new position in Rocket Companies during the second quarter valued at approximately $32,984,000. Finally, Atreides Management LP bought a new stake in Rocket Companies during the second quarter worth $24,561,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total transaction of $48,600.00. Following the transaction, the director owned 1,066,036 shares in the company, valued at approximately $20,723,739.84. The trade was a 0.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 40,000 shares of company stock worth $779,425 over the last ninety days. 92.64% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RKT has been the topic of several recent analyst reports. Wall Street Zen lowered Rocket Companies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. UBS Group set a $17.00 price objective on Rocket Companies and gave the company a “neutral” rating in a research note on Friday, October 10th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Rocket Companies in a research note on Monday, October 13th. The Goldman Sachs Group restated a “neutral” rating and issued a $22.00 price target (up from $16.00) on shares of Rocket Companies in a research note on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $20.50.

Rocket Companies Stock Performance

Shares of RKT stock opened at $20.73 on Friday. The firm has a market capitalization of $43.62 billion, a price-to-earnings ratio of 259.09 and a beta of 2.29. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16. The business’s 50-day moving average price is $20.22 and its 200-day moving average price is $18.49. Rocket Companies, Inc. has a 12 month low of $10.94 and a 12 month high of $24.36.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, meeting 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 business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the business earned $0.08 EPS. The firm’s quarterly revenue was up 148.1% on a year-over-year basis. Equities research analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current year.

About Rocket Companies

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.