Mangrove Partners IM LLC Reduces Stock Holdings in Rocket Companies, Inc. $RKT

Mangrove Partners IM LLC lowered its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 93.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 44,914 shares of the company’s stock after selling 624,844 shares during the quarter. Mangrove Partners IM LLC’s holdings in Rocket Companies were worth $870,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Cloud Capital Management LLC purchased a new position in Rocket Companies during the third quarter worth $25,000. Miller Wealth Advisors LLC raised its stake in shares of Rocket Companies by 65.0% in the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after acquiring an additional 650 shares during the period. Geneos Wealth Management Inc. purchased a new stake in shares of Rocket Companies in the third quarter valued at $38,000. Newbridge Financial Services Group Inc. lifted its holdings in shares of Rocket Companies by 875.0% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 1,950 shares of the company’s stock worth $38,000 after acquiring an additional 1,750 shares during the last quarter. Finally, CX Institutional bought a new stake in shares of Rocket Companies in the 3rd quarter worth about $39,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Insider Activity

In related news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.99, for a total value of $57,475.00. Following the transaction, the director owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. This represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 22,500 shares of company stock valued at $453,775 in the last ninety days. 92.64% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Barclays set a $22.00 price target on shares of Rocket Companies and gave the company an “equal weight” rating in a report on Tuesday, January 6th. Wells Fargo & Company raised their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. BTIG Research restated a “buy” rating and set a $25.00 target price on shares of Rocket Companies in a research report on Wednesday, November 19th. Keefe, Bruyette & Woods upped their target price on Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday, December 18th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. Six research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $20.67.

Rocket Companies Trading Down 3.1%

RKT stock opened at $14.14 on Friday. Rocket Companies, Inc. has a 12 month low of $10.94 and a 12 month high of $24.36. The firm’s 50-day moving average is $19.22 and its 200 day moving average is $18.72. The company has a market capitalization of $29.75 billion, a PE ratio of -108.73 and a beta of 2.30. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90.

Rocket Companies (NYSE:RKT) last issued its earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company’s revenue for the quarter was up 52.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 EPS. On average, research analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current year.

About Rocket Companies

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.