Abacus Wealth Partners LLC Purchases New Position in Rocket Companies, Inc. $RKT

Abacus Wealth Partners LLC purchased a new stake in Rocket Companies, Inc. (NYSE:RKT) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 52,613 shares of the company’s stock, valued at approximately $1,019,000.

Other institutional investors have also recently made changes to their positions in the company. ORG Partners LLC lifted its holdings in Rocket Companies by 22.3% during the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock worth $55,000 after buying an additional 520 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Rocket Companies by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock valued at $365,000 after purchasing an additional 636 shares during the last quarter. Composition Wealth LLC increased its position in shares of Rocket Companies by 2.7% in the 4th quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock valued at $490,000 after purchasing an additional 668 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Rocket Companies by 26.1% in the 3rd quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock valued at $63,000 after purchasing an additional 677 shares during the last quarter. Finally, NewEdge Wealth LLC increased its position in shares of Rocket Companies by 5.7% in the 4th quarter. NewEdge Wealth LLC now owns 13,204 shares of the company’s stock valued at $256,000 after purchasing an additional 707 shares during the last quarter. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Down 6.6%

NYSE RKT opened at $13.34 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 70.90. The firm’s fifty day moving average price is $14.84 and its 200 day moving average price is $17.57. The company has a market capitalization of $37.60 billion, a price-to-earnings ratio of 266.70 and a beta of 2.23. Rocket Companies, Inc. has a 12 month low of $12.03 and a 12 month high of $24.36.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The company’s revenue was up 167.1% on a year-over-year basis. During the same period last year, the firm posted $0.04 EPS. On average, sell-side analysts expect that Rocket Companies, Inc. will post 0.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on RKT shares. Citizens Jmp started coverage on shares of Rocket Companies in a research report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Compass Point started coverage on shares of Rocket Companies in a research report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Rocket Companies from $24.00 to $16.50 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Finally, Stephens started coverage on shares of Rocket Companies in a research report on Thursday, April 23rd. They issued an “overweight” rating and a $22.50 price objective on the stock. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.93.

Key Stories Impacting Rocket Companies

Here are the key news stories impacting Rocket Companies this week:

• Positive Sentiment: U.S. pending home sales jumped to their highest level since 2022, which could support Rocket’s mortgage origination business and improve sentiment toward the housing-finance sector. Pending Home Sales Jump 10% From a Year Ago to Highest Level Since 2022
• Positive Sentiment: Zacks Research upgraded Rocket Companies from “strong sell” to “hold,” suggesting the recent selloff may be starting to attract more neutral-to-bullish views. Rocket Companies was upgraded by Zacks Research from strong sell to hold
• Positive Sentiment: Analysts continue to highlight Rocket’s Q1 earnings beat, its AI-driven automation efforts, and the potential for synergies from Redfin and Mr. Cooper, all of which could help margins and scale over time. Rocket Companies’ Business Model Explained: AI, Servicing, and Scale
• Neutral Sentiment: Several articles focus on valuation, noting that Rocket trades around 1.68x book value and that investors are still debating whether the stock is cheap after its sharp year-to-date decline. Rocket Companies Stock: Is a Hold Rating Enough at 1.68x Book Value?
• Negative Sentiment: BofA Securities lowered its price target on Rocket after Q1 earnings, which may be pressuring the shares despite keeping a Buy rating. BofA Lowers Rocket (RKT) Price Target After Q1 Earnings
• Negative Sentiment: The stock has fallen sharply this year, and one article questions whether the recent drop has already created value or if the market is signaling slower growth and ongoing mortgage-rate sensitivity. Is It Too Late To Consider Rocket Companies (RKT) After This Year’s 30% Pullback?

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.