Vanguard Group Inc. Has $1.69 Billion Holdings in Rocket Companies, Inc. $RKT

Vanguard Group Inc. boosted its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 280.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 87,256,540 shares of the company’s stock after purchasing an additional 64,311,040 shares during the quarter. Vanguard Group Inc.’s holdings in Rocket Companies were worth $1,689,287,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. ValueAct Holdings L.P. raised its stake in Rocket Companies by 67.9% during the 3rd 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. Durable Capital Partners LP acquired a new position in Rocket Companies during the 3rd quarter valued at $213,010,000. Wellington Management Group LLP raised its stake in Rocket Companies by 30.6% during the 3rd quarter. Wellington Management Group LLP now owns 6,298,220 shares of the company’s stock valued at $122,060,000 after purchasing an additional 1,474,040 shares during the last quarter. Fred Alger Management LLC raised its holdings in Rocket Companies by 7,412.6% in the 3rd quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock valued at $117,807,000 after acquiring an additional 5,997,885 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its holdings in Rocket Companies by 229.5% in the 3rd quarter. Alyeska Investment Group L.P. now owns 3,274,519 shares of the company’s stock valued at $63,460,000 after acquiring an additional 2,280,631 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RKT. Stephens began coverage on Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective on the stock. Wells Fargo & Company decreased their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Keefe, Bruyette & Woods raised Rocket Companies from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Compass Point initiated coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price objective for the company. Finally, Barclays upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Nine investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $20.40.

Rocket Companies Trading Up 1.5%

Shares of RKT stock opened at $14.62 on Friday. Rocket Companies, Inc. has a 52-week low of $11.08 and a 52-week high of $24.36. The stock has a market cap of $41.23 billion, a price-to-earnings ratio of -112.47 and a beta of 2.34. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. The firm has a fifty day moving average of $15.36 and a 200-day moving average of $17.73.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The business’s revenue was up 52.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.04 EPS. On average, equities research analysts forecast that Rocket Companies, Inc. will post 0.65 earnings per share for the current fiscal 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.