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

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

Other hedge funds also recently modified their holdings of the company. ORG Partners LLC raised its stake in shares of Rocket Companies by 22.3% in the 4th quarter. ORG Partners LLC now owns 2,857 shares of the company’s stock worth $55,000 after buying an additional 520 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Rocket Companies by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 18,817 shares of the company’s stock valued at $365,000 after buying an additional 636 shares in the last quarter. Miller Wealth Advisors LLC boosted its stake in Rocket Companies by 65.0% during the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after buying an additional 650 shares in the last quarter. Parallel Advisors LLC grew its holdings 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 acquiring an additional 677 shares during the period. Finally, Amundi grew its holdings in Rocket Companies by 2.3% during the second quarter. Amundi now owns 34,170 shares of the company’s stock worth $498,000 after acquiring an additional 754 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Trading Up 1.5%

Shares of NYSE RKT opened at $14.47 on Thursday. 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, Inc. has a 12 month low of $10.94 and a 12 month high of $24.36. The company has a market cap of $40.79 billion, a price-to-earnings ratio of -111.27 and a beta of 2.34. The business has a fifty day simple moving average of $17.12 and a 200-day simple moving average of $18.26.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results 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. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Rocket Companies had a positive return on equity of 3.04% and a negative net margin of 1.02%.Rocket Companies’s revenue was up 52.2% on a year-over-year basis. During the same quarter last year, the business posted $0.04 EPS. Sell-side analysts predict that Rocket Companies, Inc. will post 0.15 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Compass Point assumed coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target for the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Wells Fargo & Company increased their target price on shares of Rocket Companies from $17.00 to $19.00 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Finally, Barclays set a $22.00 target price on shares of Rocket Companies and gave the stock an “equal weight” rating in a report on Tuesday, January 6th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rocket Companies currently has an average rating of “Hold” and an average price target of $21.14.

Insider Activity at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total value of $57,475.00. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 7,500 shares of company stock valued at $167,575 in the last ninety days. Company insiders own 92.64% of the company’s stock.

About Rocket Companies

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.