TriaGen Wealth Management LLC Takes Position in Rocket Companies, Inc. (NYSE:RKT)

Key Points

• TriaGen Wealth Management LLC acquired a new stake in Rocket Companies, purchasing 39,926 shares valued at approximately $482,000.
• Several institutional investors have increased their holdings in Rocket Companies, with Boston Partners and Wellington Management Group seeing significant increases of 11.3% and 174.5% respectively during the 1st quarter.
• Wall Street analysts have a consensus rating of "Hold" for Rocket Companies, with an average price target of $15.04.

TriaGen Wealth Management LLC purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 39,926 shares of the company's stock, valued at approximately $482,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Partners lifted its holdings in shares of Rocket Companies by 11.3% during the 1st quarter. Boston Partners now owns 13,704,339 shares of the company's stock valued at $165,421,000 after buying an additional 1,390,559 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Rocket Companies by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,793,549 shares of the company's stock valued at $154,418,000 after buying an additional 273,475 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Rocket Companies by 52.7% during the 4th quarter. Nuveen Asset Management LLC now owns 8,122,148 shares of the company's stock valued at $91,455,000 after buying an additional 2,804,090 shares during the period. Nuveen LLC bought a new position in shares of Rocket Companies during the 1st quarter valued at $96,470,000. Finally, Wellington Management Group LLP lifted its holdings in shares of Rocket Companies by 174.5% during the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company's stock valued at $52,980,000 after buying an additional 2,990,837 shares during the period. 4.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RKT shares. Wedbush reaffirmed a "neutral" rating and issued a $12.00 target price (down from $13.00) on shares of Rocket Companies in a report on Friday, May 9th. Jefferies Financial Group raised their target price on Rocket Companies from $11.50 to $14.00 and gave the stock a "hold" rating in a report on Tuesday, July 22nd. Morgan Stanley assumed coverage on Rocket Companies in a report on Thursday. They set an "equal weight" rating and a $16.00 price target on the stock. The Goldman Sachs Group raised their price target on Rocket Companies from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods raised their price target on Rocket Companies from $14.00 to $15.00 and gave the company a "market perform" rating in a report on Tuesday, August 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $15.04.

Rocket Companies Trading Down 0.8%

Shares of Rocket Companies stock opened at $18.57 on Friday. The firm has a market cap of $37.14 billion, a price-to-earnings ratio of -371.40 and a beta of 2.28. The business has a 50-day moving average price of $15.02 and a 200-day moving average price of $13.73. The company has a quick ratio of 12.62, a current ratio of 18.74 and a debt-to-equity ratio of 2.36. Rocket Companies, Inc. has a twelve month low of $10.06 and a twelve month high of $21.38.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.01. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.28 billion. Rocket Companies had a positive return on equity of 3.18% and a negative net margin of 0.01%. The business's quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.06 earnings per share. Equities research analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

Rocket Companies Company Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.

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