Rocket Companies, Inc. $RKT Position Increased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 57.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,587,748 shares of the company’s stock after purchasing an additional 946,334 shares during the period. Allspring Global Investments Holdings LLC owned 0.12% of Rocket Companies worth $51,444,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Durable Capital Partners LP acquired a new stake in Rocket Companies during the third quarter worth about $213,010,000. ValueAct Holdings L.P. grew its holdings in shares of Rocket Companies by 67.9% during the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock valued at $492,167,000 after purchasing an additional 10,270,018 shares during the last quarter. Fred Alger Management LLC raised its position in shares of Rocket Companies by 7,412.6% during the 3rd quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock worth $117,807,000 after purchasing an additional 5,997,885 shares during the period. Vanguard Group Inc. raised its position in shares of Rocket Companies by 29.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after purchasing an additional 5,226,931 shares during the period. Finally, Third Point LLC bought a new stake in shares of Rocket Companies in the 2nd quarter worth approximately $67,355,000. 4.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RKT shares. Barclays set a $22.00 price objective on Rocket Companies and gave the company an “equal weight” rating in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods upgraded Rocket Companies from a “market perform” rating to an “outperform” rating and raised their target price for the company from $20.00 to $22.00 in a research note on Monday, March 16th. Weiss Ratings reissued a “sell (d+)” rating on shares of Rocket Companies in a report on Monday, December 29th. JPMorgan Chase & Co. started coverage on shares of Rocket Companies in a research report on Monday, January 12th. They set a “neutral” rating and a $24.00 price target for the company. Finally, Citizens Jmp initiated coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They issued a “market perform” rating on the stock. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $21.14.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the transaction, the director owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 7,500 shares of company stock valued at $167,575. Corporate insiders own 92.64% of the company’s stock.

Rocket Companies Stock Up 1.5%

Shares of Rocket Companies stock opened at $14.47 on Thursday. The business’s fifty day moving average price is $17.12 and its two-hundred day moving average price is $18.26. The company has a debt-to-equity ratio of 1.07, a current ratio of 70.90 and a quick ratio of 70.90. The company has a market capitalization of $40.79 billion, a P/E ratio of -111.27 and a beta of 2.34. Rocket Companies, Inc. has a 1-year low of $10.94 and a 1-year high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted $0.04 earnings per share. The company’s revenue for the quarter was up 52.2% compared to the same quarter last year. As a group, research analysts forecast that Rocket Companies, Inc. will post 0.15 EPS for the current year.

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.