Private Advisory Group LLC Sells 59,682 Shares of Rocket Companies, Inc. $RKT

Private Advisory Group LLC cut its stake in Rocket Companies, Inc. (NYSE:RKT) by 10.0% in the third quarter, HoldingsChannel.com reports. The fund owned 539,942 shares of the company’s stock after selling 59,682 shares during the period. Private Advisory Group LLC’s holdings in Rocket Companies were worth $10,464,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its stake in shares of Rocket Companies by 18.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock worth $55,000 after buying an additional 605 shares during the last quarter. Miller Wealth Advisors LLC increased its position in Rocket Companies by 65.0% during 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 during the last quarter. Amundi lifted its holdings in Rocket Companies by 2.3% in the second quarter. Amundi now owns 34,170 shares of the company’s stock valued at $498,000 after acquiring an additional 754 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Rocket Companies by 23.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,339 shares of the company’s stock worth $62,000 after purchasing an additional 816 shares during the last quarter. Finally, Cranbrook Wealth Management LLC boosted its position in Rocket Companies by 11.6% in the third quarter. Cranbrook Wealth Management LLC now owns 9,644 shares of the company’s stock worth $187,000 after purchasing an additional 1,000 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $22.99, for a total value of $57,475.00. Following the sale, the director owned 1,038,536 shares in the company, valued at $23,875,942.64. The trade was a 0.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 35,000 shares of company stock valued at $694,000. Insiders own 92.64% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on RKT. Jefferies Financial Group initiated coverage on shares of Rocket Companies in a research note on Friday, December 19th. They issued a “buy” rating and a $25.00 price objective on the stock. Keefe, Bruyette & Woods raised their target price on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. Wells Fargo & Company lifted their target price on Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. started coverage on shares of Rocket Companies in a research note on Monday, January 12th. They set a “neutral” rating and a $24.00 target price on the stock. Five analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $20.50.

Rocket Companies Trading Down 2.1%

Rocket Companies stock opened at $17.97 on Monday. Rocket Companies, Inc. has a 1 year low of $10.94 and a 1 year high of $24.36. The firm’s 50 day moving average price is $20.10 and its 200-day moving average price is $18.94. The company has a debt-to-equity ratio of 2.16, a current ratio of 19.68 and a quick ratio of 19.68. The stock has a market cap of $37.81 billion, a P/E ratio of 224.59 and a beta of 2.31.

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.