Polar Asset Management Partners Inc. Buys New Stake in Rocket Companies, Inc. $RKT

Polar Asset Management Partners Inc. purchased a new position in shares of Rocket Companies, Inc. (NYSE:RKT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 49,378 shares of the company’s stock, valued at approximately $957,000.

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

Insider Activity

In other news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares in the company, valued at $23,875,942.64. This represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 17,500 shares of company stock valued at $360,225 over the last quarter. Insiders own 92.64% of the company’s stock.

Rocket Companies Stock Performance

Shares of RKT stock opened at $13.64 on Friday. The stock has a market capitalization of $28.70 billion, a PE ratio of -104.88 and a beta of 2.30. Rocket Companies, Inc. has a 52-week low of $10.94 and a 52-week high of $24.36. The stock’s 50-day moving average price is $18.50 and its 200 day moving average price is $18.59. The company has a quick ratio of 70.90, a current ratio of 70.90 and a debt-to-equity ratio of 1.07.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the firm earned $0.04 EPS. The firm’s revenue for the quarter was up 52.2% on a year-over-year basis. As a group, equities research analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RKT. Jefferies Financial Group initiated coverage on Rocket Companies in a research report on Friday, December 19th. They issued a “buy” rating and a $25.00 target price for the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research report on Monday, December 29th. Keefe, Bruyette & Woods upgraded Rocket Companies from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $22.00 in a research note on Monday, March 16th. Compass Point initiated coverage on Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. Finally, JPMorgan Chase & Co. began coverage on shares of Rocket Companies in a research report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.80.

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.