Midwest Trust Co Buys Shares of 41,416 Rocket Companies, Inc. $RKT

Midwest Trust Co bought a new stake in Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 41,416 shares of the company’s stock, valued at approximately $802,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brooktree Capital Management increased its holdings in Rocket Companies by 27.5% in the third quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock valued at $2,881,000 after purchasing an additional 32,088 shares during the period. Cibc World Market Inc. bought a new position in shares of Rocket Companies during the third quarter worth about $2,689,000. Udine Wealth Management Inc. raised its position in shares of Rocket Companies by 86.1% during the third quarter. Udine Wealth Management Inc. now owns 168,070 shares of the company’s stock worth $3,257,000 after acquiring an additional 77,736 shares during the last quarter. Thames Capital Management LLC raised its position in shares of Rocket Companies by 54.3% during the third quarter. Thames Capital Management LLC now owns 1,106,003 shares of the company’s stock worth $21,434,000 after acquiring an additional 389,101 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Rocket Companies by 29.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after purchasing an additional 5,226,931 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RKT. Compass Point began coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They set a “buy” rating and a $21.00 target price for the company. Zacks Research downgraded shares of Rocket Companies from a “hold” rating to a “strong sell” rating in a research report on Monday, April 13th. Keefe, Bruyette & Woods raised shares of Rocket Companies from a “market perform” rating to an “outperform” rating and increased their target price for the company from $20.00 to $22.00 in a research report on Monday, March 16th. Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $22.00 to $19.00 in a research report on Monday, April 6th. Finally, Stephens began coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 target price for the company. Nine research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $21.00.

Rocket Companies Trading Down 5.4%

Shares of RKT stock opened at $14.84 on Tuesday. The company has a market cap of $41.85 billion, a P/E ratio of 296.82 and a beta of 2.23. The stock has a 50 day simple moving average of $15.07 and a two-hundred day simple moving average of $17.67. The company has a debt-to-equity ratio of 1.13, a quick ratio of 70.90 and a current ratio of 4.37. Rocket Companies, Inc. has a fifty-two week low of $11.20 and a fifty-two week high of $24.36.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, May 7th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm’s revenue for the quarter was up 167.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 earnings per share. Research analysts forecast that Rocket Companies, Inc. will post 0.63 earnings per share 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.