MFG Wealth Management Inc. Invests $974,000 in Rocket Companies, Inc. (NYSE:RKT)

MFG Wealth Management Inc. purchased a new position in Rocket Companies, Inc. (NYSE:RKT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 86,545 shares of the company’s stock, valued at approximately $974,000.

Several other institutional investors also recently added to or reduced their stakes in RKT. Entropy Technologies LP grew its holdings in Rocket Companies by 105.5% during the 4th quarter. Entropy Technologies LP now owns 93,695 shares of the company’s stock worth $1,055,000 after acquiring an additional 48,098 shares in the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Rocket Companies by 55.0% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 21,513 shares of the company’s stock worth $242,000 after purchasing an additional 7,635 shares during the period. KBC Group NV boosted its stake in shares of Rocket Companies by 58.1% during the fourth quarter. KBC Group NV now owns 6,056 shares of the company’s stock valued at $68,000 after purchasing an additional 2,226 shares in the last quarter. Lincoln Capital Corp purchased a new position in Rocket Companies during the fourth quarter valued at approximately $1,831,000. Finally, Missouri Trust & Investment Co raised its stake in Rocket Companies by 21.5% in the fourth quarter. Missouri Trust & Investment Co now owns 86,295 shares of the company’s stock worth $972,000 after buying an additional 15,260 shares in the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Analysts Set New Price Targets

RKT has been the topic of a number of analyst reports. UBS Group upgraded Rocket Companies from a “sell” rating to a “neutral” rating and cut their price target for the company from $12.50 to $11.50 in a report on Friday, January 10th. Royal Bank of Canada cut their target price on Rocket Companies from $20.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 13th. Barclays cut their price objective on shares of Rocket Companies from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Wednesday, November 13th. Wedbush reissued a “neutral” rating and set a $13.00 target price (down previously from $18.00) on shares of Rocket Companies in a research report on Wednesday, November 13th. Finally, Morgan Stanley cut their price target on shares of Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 19th. Five analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $13.50.

Rocket Companies Stock Down 4.5 %

RKT stock opened at $12.22 on Thursday. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. The firm’s fifty day simple moving average is $11.92 and its 200-day simple moving average is $15.51. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $21.38.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $647.00 million for the quarter, compared to the consensus estimate of $1.25 billion. Rocket Companies had a positive return on equity of 2.86% and a negative net margin of 0.38%. The firm’s revenue for the quarter was down 46.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.01) EPS. Equities analysts anticipate that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Rocket Companies Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services 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 that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.