Lido Advisors LLC Invests $657,000 in Rocket Companies, Inc. $RKT

Lido Advisors LLC bought a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 46,069 shares of the company’s stock, valued at approximately $657,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State of Wyoming increased its stake in Rocket Companies by 138.8% during the first quarter. State of Wyoming now owns 67,562 shares of the company’s stock worth $963,000 after acquiring an additional 39,271 shares during the last quarter. NewEdge Wealth LLC lifted its stake in shares of Rocket Companies by 9.5% in the 1st quarter. NewEdge Wealth LLC now owns 14,457 shares of the company’s stock valued at $206,000 after purchasing an additional 1,253 shares during the last quarter. ABN Amro Investment Solutions purchased a new position in shares of Rocket Companies in the 1st quarter worth approximately $417,000. Andra AP fonden increased its position in shares of Rocket Companies by 48.0% during the 1st quarter. Andra AP fonden now owns 729,357 shares of the company’s stock valued at $10,393,000 after purchasing an additional 236,632 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in Rocket Companies during the 1st quarter valued at $34,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on RKT. Benchmark began coverage on shares of Rocket Companies in a research note on Monday, June 29th. They set a “buy” rating and a $21.00 price objective for the company. Barclays cut their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. JPMorgan Chase & Co. decreased their price objective on shares of Rocket Companies from $16.00 to $15.50 and set a “neutral” rating for the company in a research note on Monday, July 13th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Morgan Stanley raised Rocket Companies from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $19.00 in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Rocket Companies has a consensus rating of “Moderate Buy” and an average target price of $20.73.

Rocket Companies Price Performance

Shares of RKT stock opened at $13.69 on Thursday. Rocket Companies, Inc. has a twelve month low of $12.17 and a twelve month high of $24.36. The stock has a market capitalization of $38.75 billion, a price-to-earnings ratio of 273.88 and a beta of 2.16. The stock has a fifty day simple moving average of $14.08 and a two-hundred day simple moving average of $15.89. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The firm had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter last year, the firm posted $0.04 earnings per share. The business’s revenue for the quarter was up 167.1% on a year-over-year basis. On average, analysts predict that Rocket Companies, Inc. will post 0.54 EPS for the current fiscal year.

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.