Wilmington Savings Fund Society FSB Reduces Stake in Rocket Companies, Inc. $RKT

Wilmington Savings Fund Society FSB cut its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 46.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 28,513 shares of the company’s stock after selling 24,882 shares during the period. Wilmington Savings Fund Society FSB’s holdings in Rocket Companies were worth $553,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in RKT. Magnus Financial Group LLC acquired a new stake in shares of Rocket Companies during the 3rd quarter worth $341,000. Udine Wealth Management Inc. raised its position in shares of Rocket Companies by 86.1% during the 3rd quarter. Udine Wealth Management Inc. now owns 168,070 shares of the company’s stock worth $3,257,000 after purchasing an additional 77,736 shares during the period. Versant Capital Management Inc boosted its position in Rocket Companies by 89.6% during the 3rd quarter. Versant Capital Management Inc now owns 5,671 shares of the company’s stock worth $110,000 after acquiring an additional 2,680 shares during the period. Stephens Inc. AR purchased a new stake in shares of Rocket Companies during the third quarter valued at $220,000. Finally, Deltec Asset Management LLC purchased a new stake in shares of Rocket Companies during the third quarter worth $194,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RKT has been the subject of a number of research reports. UBS Group set a $17.00 price target on shares of Rocket Companies and gave the company a “neutral” rating in a report on Friday, October 10th. Wall Street Zen lowered Rocket Companies from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Royal Bank Of Canada increased their price target on Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 8th. Wells Fargo & Company boosted their price objective on shares of Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Finally, 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. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Rocket Companies presently has a consensus rating of “Hold” and a consensus target price of $20.50.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the business’s stock in a transaction that occurred on 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 transaction, the director directly owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. The trade was a 0.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 40,000 shares of company stock valued at $779,425. Corporate insiders own 92.64% of the company’s stock.

Rocket Companies Price Performance

NYSE:RKT traded down $0.80 during mid-day trading on Tuesday, reaching $22.44. The stock had a trading volume of 2,805,464 shares, compared to its average volume of 34,028,699. The stock has a market capitalization of $47.22 billion, a P/E ratio of 278.87 and a beta of 2.29. Rocket Companies, Inc. has a one year low of $10.94 and a one year high of $24.36. 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 firm has a 50 day moving average price of $19.56 and a two-hundred day moving average price of $18.14.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, October 30th. The company reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the firm earned $0.08 earnings per share. The firm’s revenue for the quarter was up 148.1% on a year-over-year basis. As a group, analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

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.