Assetmark Inc. Buys 139,863 Shares of Rocket Companies, Inc. $RKT

Key Points

• Assetmark Inc. bought an additional 139,863 shares of Rocket Companies in Q4, boosting its position to 139,868 shares (a reported 2,797,260.0% increase) valued at about $2,708,000.
• Analysts are split but the consensus rating is Hold with an average price target of $20.25 (8 Buys, 8 Holds, 2 Sells).
• Rocket Companies beat Q4 estimates with $0.11 EPS (vs. $0.09) and $2.44B revenue (up 52.2% YoY); the stock recently traded near $16.76, inside a 12‑month range of $11.08–$24.36.

Assetmark Inc. boosted its position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 2,797,260.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 139,868 shares of the company's stock after buying an additional 139,863 shares during the quarter. Assetmark Inc.'s holdings in Rocket Companies were worth $2,708,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cloud Capital Management LLC bought a new position in shares of Rocket Companies during the third quarter valued at approximately $25,000. Pinnacle Bancorp Inc. boosted its stake in shares of Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company's stock valued at $29,000 after purchasing an additional 1,183 shares during the period. Miller Wealth Advisors LLC boosted its stake in shares of 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 purchasing an additional 650 shares during the period. Geneos Wealth Management Inc. bought a new position in shares of Rocket Companies in the third quarter worth about $38,000. Finally, Sound Income Strategies LLC grew its holdings in shares of Rocket Companies by 354.8% in the fourth quarter. Sound Income Strategies LLC now owns 1,974 shares of the company's stock worth $38,000 after purchasing an additional 1,540 shares during the last quarter. Hedge funds and other institutional investors own 4.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RKT. Weiss Ratings reiterated a "sell (d+)" rating on shares of Rocket Companies in a report on Monday, December 29th. Citizens Jmp initiated coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They issued a "market perform" rating on the stock. Keefe, Bruyette & Woods raised shares of Rocket Companies from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $20.00 to $22.00 in a research report on Monday, March 16th. Compass Point assumed coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They set a "buy" rating and a $21.00 price target for the company. Finally, Wells Fargo & Company lowered their price target on Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a report on Thursday, April 9th. Eight research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $20.25.

Rocket Companies Price Performance

NYSE RKT opened at $16.76 on Monday. Rocket Companies, Inc. has a 12-month low of $11.08 and a 12-month high of $24.36. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $47.25 billion, a P/E ratio of -128.88 and a beta of 2.34. The firm's fifty day simple moving average is $15.95 and its two-hundred day simple moving average is $17.83.

Rocket Companies (NYSE:RKT - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The business's revenue for the quarter was up 52.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 EPS. Analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

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.

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