253,781 Shares in Rocket Companies, Inc. $RKT Bought by Bridgewater Advisors Inc.

Bridgewater Advisors Inc. bought a new stake in Rocket Companies, Inc. (NYSE:RKT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 253,781 shares of the company’s stock, valued at approximately $4,918,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RKT. Vanguard Group Inc. boosted 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 acquiring an additional 5,226,931 shares in the last quarter. Boston Partners boosted its holdings in Rocket Companies by 6.2% in the second quarter. Boston Partners now owns 14,560,706 shares of the company’s stock valued at $206,610,000 after purchasing an additional 856,367 shares in the last quarter. Third Point LLC purchased a new position in Rocket Companies in the second quarter valued at approximately $67,355,000. Broad Bay Capital Management LP purchased a new position in Rocket Companies in the second quarter valued at approximately $51,585,000. Finally, Geode Capital Management LLC raised its holdings in Rocket Companies by 23.4% during the second quarter. Geode Capital Management LLC now owns 2,730,504 shares of the company’s stock worth $38,723,000 after purchasing an additional 517,684 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rocket Companies

In related news, Director Matthew Rizik sold 2,500 shares of the stock in a transaction 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 directly owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. This trade 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 this link. Insiders sold a total of 35,000 shares of company stock worth $694,000 in the last three months. 92.64% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on RKT. JPMorgan Chase & Co. initiated coverage on shares of Rocket Companies in a research report on Monday, January 12th. They issued a “neutral” rating and a $24.00 target price on the stock. Wells Fargo & Company upped their price objective on shares of Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Keefe, Bruyette & Woods lifted their target price on Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. 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. Finally, Oppenheimer initiated coverage on Rocket Companies in a research note on Thursday, November 13th. They set an “outperform” rating and a $25.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Rocket Companies presently has an average rating of “Hold” and an average target price of $20.50.

Rocket Companies Price Performance

Shares of RKT opened at $17.97 on Friday. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. Rocket Companies, Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $24.36. The firm has a 50-day simple moving average of $20.10 and a 200-day simple moving average of $18.92. The company has a market capitalization of $37.81 billion, a price-to-earnings ratio of 224.59 and a beta of 2.31.

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.