Rocket Companies, Inc. $RKT Stock: Blue Jean Financial LLC Grows Position

Key Points

• Blue Jean Financial increased its Rocket Companies position by 63% in the third quarter, purchasing 98,213 additional shares for a total of 254,212 shares valued at approximately $2.93 million.
• Analysts maintain a cautiously positive outlook, with eight Buy and eight Hold ratings, resulting in a consensus “Moderate Buy” rating and an average price target of $19.12.
• Rocket reported quarterly earnings of $0.16 per share, matching estimates, while revenue rose 91.9% year over year to $2.76 billion. CEO Jesse Bray sold 92,300 shares under a pre-arranged trading plan, and insiders own 57.68% of the company.

Blue Jean Financial LLC grew its position in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 63.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 254,212 shares of the company's stock after purchasing an additional 98,213 shares during the period. Rocket Companies comprises about 1.8% of Blue Jean Financial LLC's holdings, making the stock its 24th largest holding. Blue Jean Financial LLC's holdings in Rocket Companies were worth $2,926,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cassaday & Co Wealth Management LLC bought a new stake in Rocket Companies in the 1st quarter worth approximately $34,000. Summit Securities Group LLC purchased a new stake in Rocket Companies in the first quarter worth approximately $60,000. IFP Advisors Inc purchased a new stake in Rocket Companies in the third quarter worth approximately $53,000. Hilltop National Bank grew its position in Rocket Companies by 44,581.8% during the second quarter. Hilltop National Bank now owns 4,915 shares of the company's stock valued at $77,000 after acquiring an additional 4,904 shares during the last quarter. Finally, Mather Group LLC. grew its position in Rocket Companies by 102.6% during the third quarter. Mather Group LLC. now owns 5,222 shares of the company's stock valued at $60,000 after acquiring an additional 2,645 shares during the last quarter. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RKT has been the topic of several research reports. Stephens decreased their price target on shares of Rocket Companies from $22.50 to $20.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $16.00 price objective (up from $15.00) on shares of Rocket Companies in a research note on Wednesday, August 12th. Barclays cut their price objective on shares of Rocket Companies from $17.00 to $15.00 and set an "overweight" rating for the company in a research note on Monday, October 5th. Weiss Ratings raised shares of Rocket Companies from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, October 8th. Finally, Benchmark decreased their target price on shares of Rocket Companies from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Eight analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $19.12.

Rocket Companies Price Performance

RKT opened at $11.25 on Wednesday. The stock's 50 day simple moving average is $12.80 and its 200 day simple moving average is $13.79. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.85. Rocket Companies, Inc. has a 1 year low of $10.18 and a 1 year high of $24.36. The firm has a market cap of $31.86 billion, a price-to-earnings ratio of 80.36, a PEG ratio of 3.20 and a beta of 2.23.

Rocket Companies (NYSE:RKT - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, meeting analysts' consensus estimates of $0.16. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the prior year, the firm posted $0.04 earnings per share. The business's quarterly revenue was up 91.9% compared to the same quarter last year. As a group, analysts predict that Rocket Companies, Inc. will post 0.48 earnings per share for the current year.

Insider Buying and Selling

In other Rocket Companies news, CEO Jesse Bray sold 92,300 shares of the firm's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $12.39, for a total value of $1,143,597.00. Following the sale, the chief executive officer owned 7,728,027 shares of the company's stock, valued at $95,750,254.53. This trade represents a 1.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 450,000 shares of company stock worth $5,687,074. Corporate insiders own 57.68% of the company's stock.

About Rocket Companies

Rocket Companies, Inc is a Detroit-based financial technology company that operates a portfolio of consumer finance and real estate businesses. Its platform is designed to simplify the homeownership process through digital applications, automated workflows and online customer support.

The company's principal business is Rocket Mortgage, a residential mortgage lender and servicer offering home purchase, refinance and home equity products. Its broader portfolio includes Rocket Homes, a real estate services platform; Rocket Money, a personal finance app that helps consumers manage subscriptions, budgets and bills; Rocket Loans, which provides personal loans; and Rocket Pro, which supports mortgage brokers and other partners.

Rocket Companies traces its history to 1985, when Dan Gilbert founded Rock Financial.

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