Beck Mack & Oliver LLC Makes New $1.28 Million Investment in Rocket Companies, Inc. $RKT

Beck Mack & Oliver LLC purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 90,000 shares of the company’s stock, valued at approximately $1,276,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. North Capital Inc. grew its position in Rocket Companies by 287.2% during the 2nd quarter. North Capital Inc. now owns 1,820 shares of the company’s stock worth $26,000 after purchasing an additional 1,350 shares during the last quarter. SouthState Corp lifted its stake in shares of Rocket Companies by 2,044.8% during the second quarter. SouthState Corp now owns 2,059 shares of the company’s stock worth $29,000 after buying an additional 1,963 shares during the period. Brooklyn Investment Group grew its holdings in shares of Rocket Companies by 251.3% during the first quarter. Brooklyn Investment Group now owns 3,390 shares of the company’s stock valued at $41,000 after buying an additional 2,425 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Rocket Companies by 18.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock valued at $55,000 after acquiring an additional 605 shares during the period. Finally, TFC Financial Management Inc. purchased a new position in Rocket Companies in the 2nd quarter worth $57,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Trading Down 3.4%

Shares of NYSE:RKT opened at $18.70 on Friday. The company has a market capitalization of $39.35 billion, a PE ratio of 233.73 and a beta of 2.26. Rocket Companies, Inc. has a 12-month low of $10.06 and a 12-month high of $22.56. The business has a 50 day moving average of $17.61 and a two-hundred day moving average of $16.83. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Rocket Companies had a negative net margin of 1.77% and a positive return on equity of 2.83%. The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the firm earned $0.08 EPS. The business’s quarterly revenue was up 148.1% on a year-over-year basis. As a group, analysts forecast 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 dated Friday, December 12th. The shares were sold at an average price of $18.99, for a total transaction of $47,475.00. Following the sale, the director directly owned 1,086,036 shares of the company’s stock, valued at $20,623,823.64. This represents a 0.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 17,500 shares of company stock valued at $325,650 in the last three months. Corporate insiders own 92.64% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on RKT. Oppenheimer started coverage on Rocket Companies in a research note on Thursday, November 13th. They set an “outperform” rating and a $25.00 price target on the stock. Bank of America upgraded Rocket Companies from a “neutral” rating to a “buy” rating and upped their target price for the company from $21.00 to $24.00 in a research report on Wednesday, September 10th. UBS Group set a $17.00 price target on shares of Rocket Companies and gave the stock a “neutral” rating in a research report on Friday, October 10th. Royal Bank Of Canada upped their price objective on shares of Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a report on Wednesday, October 8th. 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 research note on Wednesday, November 5th. Four investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.18.

Rocket Companies 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.