Vanguard Group Inc. Increases Stock Holdings in Rocket Companies, Inc. $RKT

Vanguard Group Inc. grew its stake in Rocket Companies, Inc. (NYSE:RKT) by 29.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,945,500 shares of the company’s stock after purchasing an additional 5,226,931 shares during the quarter. Vanguard Group Inc. owned approximately 1.09% of Rocket Companies worth $444,684,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Brooktree Capital Management grew its holdings in Rocket Companies by 27.5% during the 3rd quarter. Brooktree Capital Management now owns 148,653 shares of the company’s stock worth $2,881,000 after acquiring an additional 32,088 shares in the last quarter. Cibc World Market Inc. acquired a new stake in shares of Rocket Companies during the 3rd quarter worth about $2,689,000. Udine Wealth Management Inc. boosted its holdings in Rocket Companies by 86.1% in the third quarter. Udine Wealth Management Inc. now owns 168,070 shares of the company’s stock valued at $3,257,000 after purchasing an additional 77,736 shares in the last quarter. Clifford Capital Partners LLC purchased a new position in Rocket Companies in the second quarter valued at approximately $11,487,000. Finally, Thames Capital Management LLC raised its holdings in Rocket Companies by 54.3% during the third quarter. Thames Capital Management LLC now owns 1,106,003 shares of the company’s stock worth $21,434,000 after purchasing an additional 389,101 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction on 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 directly owned 1,038,536 shares of the company’s stock, valued at $23,875,942.64. This represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 32,500 shares of company stock valued at $645,775 over the last three months. 92.64% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RKT. Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. BTIG Research reissued a “buy” rating and issued a $25.00 target price on shares of Rocket Companies in a report on Wednesday, November 19th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Wells Fargo & Company boosted their price objective on Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Finally, Barclays set a $22.00 price target on shares of Rocket Companies and gave the company an “equal weight” rating in a research report on Tuesday, January 6th. Five equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.50.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $17.33 on Thursday. Rocket Companies, Inc. has a 52 week low of $10.94 and a 52 week high of $24.36. The company has a 50-day moving average price of $20.05 and a 200 day moving average price of $18.93. The company has a market cap of $36.47 billion, a P/E ratio of 216.65 and a beta of 2.31. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16.

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.