Rocket Companies, Inc. $RKT Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its holdings in Rocket Companies, Inc. (NYSE:RKT) by 1.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 2,630,845 shares of the company’s stock after buying an additional 43,097 shares during the period. Allspring Global Investments Holdings LLC owned 0.09% of Rocket Companies worth $37,963,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. ORG Partners LLC raised its holdings in Rocket Companies by 22.3% during the fourth quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock worth $55,000 after purchasing an additional 520 shares in the last quarter. Manchester Capital Management LLC boosted its holdings in Rocket Companies by 0.5% during the fourth quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after buying an additional 618 shares in the last quarter. Composition Wealth LLC grew its position in Rocket Companies by 2.7% during the fourth quarter. Composition Wealth LLC now owns 25,323 shares of the company’s stock worth $490,000 after buying an additional 668 shares during the period. Parallel Advisors LLC grew its position in Rocket Companies by 26.1% during the third quarter. Parallel Advisors LLC now owns 3,267 shares of the company’s stock worth $63,000 after buying an additional 677 shares during the period. Finally, Red Door Wealth Management LLC grew its holdings in shares of Rocket Companies by 6.7% in the 1st quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock worth $159,000 after acquiring an additional 698 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Wall Street Analyst Weigh In

RKT has been the topic of a number of research reports. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Wells Fargo & Company reduced their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Benchmark initiated coverage on shares of Rocket Companies in a report on Monday, June 29th. They issued a “buy” rating and a $21.00 price target on the stock. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $16.00 to $15.50 and set a “neutral” rating on the stock in a research report on Monday, July 13th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $20.00 price objective on shares of Rocket Companies in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.73.

Rocket Companies Stock Up 0.2%

Shares of NYSE:RKT opened at $14.56 on Monday. The firm has a market cap of $41.21 billion, a price-to-earnings ratio of 291.30 and a beta of 2.16. The stock’s 50-day moving average price is $14.12 and its two-hundred day moving average price is $16.28. Rocket Companies, Inc. has a 12-month low of $12.17 and a 12-month high of $24.36. The company has a current ratio of 4.37, a quick ratio of 4.37 and a debt-to-equity ratio of 1.13.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. The company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Rocket Companies had a net margin of 2.78% and a return on equity of 4.30%. The business’s quarterly revenue was up 167.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.04 EPS. On average, research analysts forecast that Rocket Companies, Inc. will post 0.59 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.