Rocket Companies, Inc. $RKT Shares Purchased by Udine Wealth Management Inc.

Key Points

• Udine Wealth Management boosted its stake in Rocket Companies by 86.1% in Q3, adding 77,736 shares to hold 168,070 shares worth about $3.26 million, which represents 1.6% of Udine's portfolio (its 18th largest position).
• Several large investors (including Third Point, Broad Bay, Allspring, Maple Rock and Atreides) initiated sizable multi‑million dollar positions in RKT during Q2, yet institutional ownership of the stock remains relatively low at 4.59%.
• Analysts have an average rating of "Hold" with a consensus target of $20.50; the company recently beat revenue estimates but reported a negative net margin (‑1.77%) and shows very high insider ownership (92.64%).

Udine Wealth Management Inc. grew its holdings in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 86.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 168,070 shares of the company's stock after purchasing an additional 77,736 shares during the period. Rocket Companies accounts for 1.6% of Udine Wealth Management Inc.'s portfolio, making the stock its 18th biggest position. Udine Wealth Management Inc.'s holdings in Rocket Companies were worth $3,257,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RKT. Third Point LLC bought a new stake in shares of Rocket Companies during the 2nd quarter valued at about $67,355,000. Broad Bay Capital Management LP bought a new position in Rocket Companies in the second quarter worth about $51,585,000. Allspring Global Investments Holdings LLC acquired a new position in Rocket Companies in the second quarter valued at approximately $44,102,000. Maple Rock Capital Partners Inc. bought a new position in shares of Rocket Companies during the second quarter valued at approximately $32,984,000. Finally, Atreides Management LP acquired a new stake in shares of Rocket Companies during the 2nd quarter worth approximately $24,561,000. 4.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on RKT shares. Wall Street Zen downgraded Rocket Companies from a "hold" rating to a "sell" rating in a report on Saturday, November 8th. Royal Bank Of Canada increased their target price on Rocket Companies from $17.00 to $20.00 and gave the stock a "sector perform" rating in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Rocket Companies in a report on Monday, October 13th. BTIG Research restated a "buy" rating and set a $25.00 price target on shares of Rocket Companies in a research report on Wednesday, November 19th. Finally, Wells Fargo & Company increased their price objective on shares of Rocket Companies from $15.00 to $17.00 and gave the stock an "equal weight" rating in a report on Wednesday, November 5th. 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 stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $20.50.

Rocket Companies Price Performance

Shares of RKT opened at $22.64 on Thursday. The firm has a market capitalization of $47.65 billion, a price-to-earnings ratio of 283.05 and a beta of 2.29. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. Rocket Companies, Inc. has a one year low of $10.94 and a one year high of $23.50. The stock's fifty day moving average is $19.14 and its 200-day moving average is $17.92.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. The business had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.65 billion. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. The company's quarterly revenue was up 148.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.08 earnings per share. Equities analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Insider Buying and Selling at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 1,038,536 shares in the company, valued at $23,875,942.64. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 40,000 shares of company stock valued at $779,425. Corporate insiders own 92.64% of the company's stock.

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.

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