Patriot Financial Group Insurance Agency LLC Has $801,000 Stake in Rocket Companies, Inc. $RKT

Patriot Financial Group Insurance Agency LLC raised its stake in Rocket Companies, Inc. (NYSE:RKT) by 309.7% in the first quarter, Holdings Channel reports. The fund owned 56,180 shares of the company’s stock after purchasing an additional 42,468 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Rocket Companies were worth $801,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Maridea Wealth Management LLC bought a new stake in shares of Rocket Companies during the 1st quarter valued at approximately $156,000. Verus Financial Partners Inc. bought a new position in Rocket Companies in the 1st quarter valued at approximately $161,000. Ritholtz Wealth Management lifted its stake in Rocket Companies by 10.7% in the 1st quarter. Ritholtz Wealth Management now owns 20,736 shares of the company’s stock valued at $295,000 after purchasing an additional 2,010 shares during the last quarter. MBM Wealth Consultants LLC boosted its position in Rocket Companies by 6.9% in the first quarter. MBM Wealth Consultants LLC now owns 50,145 shares of the company’s stock valued at $715,000 after buying an additional 3,255 shares in the last quarter. Finally, OP Asset Management Ltd acquired a new stake in Rocket Companies in the first quarter valued at approximately $2,419,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RKT has been the subject of several research analyst reports. Wells Fargo & Company lowered their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 12th. Citizens Jmp began coverage on Rocket Companies in a research report on Wednesday, March 25th. They set a “market perform” rating on the stock. Weiss Ratings raised Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $20.00 target price on shares of Rocket Companies in a research report on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.87.

Rocket Companies Stock Up 1.7%

Shares of NYSE:RKT opened at $15.76 on Wednesday. The firm has a market cap of $44.60 billion, a P/E ratio of 315.24 and a beta of 2.19. Rocket Companies, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36. The business has a fifty day simple moving average of $14.22 and a 200 day simple moving average of $16.65. The company has a quick ratio of 4.37, a current ratio of 4.37 and a debt-to-equity ratio of 1.13.

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