2,089,610 Shares in Rocket Companies, Inc. $RKT Acquired by Vaughan Nelson Investment Management L.P.

Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,089,610 shares of the company’s stock, valued at approximately $40,455,000.

A number of other institutional investors and hedge funds have also modified their holdings of RKT. ValueAct Holdings L.P. raised its position in shares of 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 acquiring an additional 10,270,018 shares during the last quarter. Vanguard Group Inc. lifted its stake in Rocket Companies by 29.5% in the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after buying an additional 5,226,931 shares in the last quarter. Durable Capital Partners LP bought a new stake in Rocket Companies in the 3rd quarter valued at $213,010,000. Wellington Management Group LLP lifted its holdings in shares of Rocket Companies by 30.6% in the third 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 in the last quarter. Finally, Fred Alger Management LLC boosted its position in Rocket Companies by 7,412.6% during the 3rd quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock worth $117,807,000 after acquiring an additional 5,997,885 shares during the last quarter. 4.59% of the stock is owned by institutional investors.

Rocket Companies Trading Down 1.5%

RKT opened at $13.46 on Tuesday. Rocket Companies, Inc. has a 1-year low of $10.94 and a 1-year high of $24.36. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07. The company has a market cap of $37.96 billion, a P/E ratio of -103.56 and a beta of 2.30. The company’s 50 day moving average is $17.41 and its 200-day moving average is $18.34.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the business earned $0.04 earnings per share. The company’s revenue for the quarter was up 52.2% compared to the same quarter last year. Equities research analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the company’s 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 completion of the transaction, the director directly owned 1,038,536 shares in the company, valued at approximately $23,875,942.64. This represents a 0.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 7,500 shares of company stock valued at $167,575. Corporate insiders own 92.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on RKT shares. Barclays set a $22.00 price objective on shares of Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Wells Fargo & Company lifted their price objective on shares of Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Keefe, Bruyette & Woods upgraded Rocket Companies from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $20.00 to $22.00 in a report on Monday, March 16th. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. initiated coverage on Rocket Companies in a research note on Monday, January 12th. They set a “neutral” rating and a $24.00 price objective on the stock. Seven 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.80.

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.