Wealthcare Advisory Partners LLC makes new investment in Rocket Companies, Inc. (NYSE: RKT)

Wealthcare Advisory Partners LLC bought a new position in shares of Rocket Companies, Inc. (NYSE: RKT – Get Rating) during Q1, according to the company in its most recent SEC filing. The fund bought 14,012 shares of the company, valued at around $156,000.

Other big investors have also been buying and selling shares of the company recently. Moors & Cabot Inc. acquired a new position in shares of Rocket Companies during Q3 worth approximately $31,000. Rockefeller Capital Management LP increased its holdings of Rocket Companies shares by 173.2% during the 4th quarter. Rockefeller Capital Management LP now owns 3,500 shares of the company worth $49,000 after acquiring 2,219 additional shares in the last quarter. The New York State Teachers’ Retirement System acquired a new position in Rocket Companies stock during Q4 worth approximately $73,000. Pinebridge Investments LP acquired a new position in shares of Rocket Companies during Q4 worth approximately $74,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Rocket Companies during Q4 worth approximately $95,000. 3.71% of the shares are currently held by hedge funds and other institutional investors.

NYSE: RKT opened at $7.36 on Friday. The stock has a fifty-day moving average price of $8.26 and a 200-day moving average price of $10.94. The company has a market capitalization of $14.50 billion, a price/earnings ratio of 4.43, a PEG ratio of 2.93 and a beta of 1.38. The company has a debt ratio of 1.40, a quick ratio of 13.54 and a current ratio of 13.54. Rocket Companies, Inc. has a fifty-two week low of $6.27 and a fifty-two week high of $19.61.

Rocket Companies (NYSE:RKT – Get Rating) last reported results on Tuesday, May 10. The company reported earnings per share of $0.12 for the quarter, missing analyst consensus estimates of $0.16 per ($0.04). The company posted revenue of $1.93 billion for the quarter, versus a consensus estimate of $2.24 billion. Rocket Companies had a net margin of 2.16% and a return on equity of 31.45%. The company’s revenues were down 52.2% from the same quarter last year. In the same quarter a year earlier, the company posted earnings per share of $0.55. Research analysts predict that Rocket Companies, Inc. will post EPS of 0.26 for the current fiscal year.

In other Rocket Companies news, CEO Jay Farner purchased 27,600 shares in a trade dated Wednesday, June 29. The stock was purchased at an average price of $7.22 per share, with a total value of $199,272.00. Following the acquisition, the CEO now owns 2,931,907 shares of the company, valued at $21,168,368.54. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased a total of 765,000 shares of the company valued at $6,443,265 over the past three months. 94.01% of the shares are held by insiders.

A number of research analysts have weighed in on the company recently. Royal Bank of Canada reduced its target price on Rocket Companies from $18.00 to $9.00 in a Thursday, May 12 report. Morgan Stanley cut its price target on Rocket Companies from $12.00 to $11.00 and set an “equal weight” rating on the stock in a Thursday, April 7 report. Keefe, Bruyette & Woods upgraded Rocket Companies from an “underperforming” rating to a “market performing” rating and lowered their target price for the stock from $10.00 to $7.00 in a report from Sunday, May 15. Argus downgraded Rocket Companies from a “buy” rating to a “hold” rating in a Tuesday, May 31 research note. Finally, Goldman Sachs Group cut its price target on Rocket Companies from $14.00 to $11.50 and set a “neutral” rating for the company in a Monday, April 4 research note. One analyst rated the stock with a sell rating, eleven issued a hold rating and one gave the company’s stock a buy rating. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $11.08.

Rocket Company Profile (Get an assessment)

Rocket Companies, Inc. operates in the technology-driven real estate, mortgage, and e-commerce industries 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 which provides title insurance, real estate appraisal and settlement services; Rocket Homes, a home search platform and realtor referral network, which offers technology services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized, virtual car-selling support to online car-buying platforms; and Rocket Loans, an online personal loan company.

Further reading

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Institutional ownership by quarter for rocket companies (NYSE: RKT)

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