Fund 1 Investments LLC Invests $3.94 Million in Rocket Companies, Inc. $RKT

Fund 1 Investments LLC purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 278,000 shares of the company’s stock, valued at approximately $3,942,000.

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

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the company’s 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 completion of the sale, the director directly owned 1,086,036 shares of the company’s stock, valued at approximately $20,623,823.64. This represents a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 17,500 shares of company stock worth $325,650. 92.64% of the stock is currently owned by insiders.

Rocket Companies Stock Performance

RKT opened at $18.70 on Friday. The firm has a market cap of $39.35 billion, a PE ratio of 233.73 and a beta of 2.26. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. The business has a fifty day simple moving average of $17.61 and a 200-day simple moving average of $16.83. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $22.56.

Rocket Companies (NYSE:RKT) last announced its earnings results on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the firm earned $0.08 earnings per share. Rocket Companies’s revenue for the quarter was up 148.1% compared to the same quarter last year. As a group, equities analysts predict that Rocket Companies, Inc. will post 0.15 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on RKT. The Goldman Sachs Group reissued a “neutral” rating and set a $22.00 target price (up previously from $16.00) on shares of Rocket Companies in a report on Wednesday, October 29th. BTIG Research reiterated a “buy” rating and set a $25.00 price target on shares of Rocket Companies in a research report on Wednesday, November 19th. Wells Fargo & Company boosted their price objective on Rocket Companies from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Morgan Stanley raised their target price on Rocket Companies from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a report on Monday. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $18.18.

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.