Wealthfront Advisers LLC Has $2 Million Holdings in Rocket Companies, Inc. (NYSE:RKT)

Wealthfront Advisers LLC reduced its position in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 69.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 165,862 shares of the company's stock after selling 381,226 shares during the period. Wealthfront Advisers LLC's holdings in Rocket Companies were worth $2,002,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Mather Group LLC. grew its position in Rocket Companies by 312.2% during the first quarter. Mather Group LLC. now owns 2,601 shares of the company's stock valued at $31,000 after purchasing an additional 1,970 shares in the last quarter. Parallel Advisors LLC grew its position in Rocket Companies by 302.2% during the first quarter. Parallel Advisors LLC now owns 2,956 shares of the company's stock valued at $36,000 after purchasing an additional 2,221 shares in the last quarter. GAMMA Investing LLC grew its position in Rocket Companies by 82.4% during the first quarter. GAMMA Investing LLC now owns 3,905 shares of the company's stock valued at $47,000 after purchasing an additional 1,764 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in Rocket Companies during the fourth quarter valued at approximately $47,000. Finally, Signaturefd LLC grew its position in Rocket Companies by 147.1% during the first quarter. Signaturefd LLC now owns 4,372 shares of the company's stock valued at $53,000 after purchasing an additional 2,603 shares in the last quarter. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

Shares of RKT stock traded up $0.97 during mid-day trading on Tuesday, reaching $16.01. The company's stock had a trading volume of 50,931,145 shares, compared to its average volume of 7,551,405. Rocket Companies, Inc. has a 1-year low of $10.06 and a 1-year high of $21.38. The company has a market cap of $32.01 billion, a P/E ratio of -533.50 and a beta of 2.28. The company has a debt-to-equity ratio of 1.37, a quick ratio of 12.62 and a current ratio of 12.62. The firm's 50-day moving average is $13.44 and its two-hundred day moving average is $13.02.

Rocket Companies (NYSE:RKT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. Rocket Companies had a net margin of 0.06% and a return on equity of 3.61%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the firm earned $0.04 EPS. The firm's quarterly revenue was down 10.8% compared to the same quarter last year. On average, research analysts predict that Rocket Companies, Inc. will post 0.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. UBS Group boosted their target price on shares of Rocket Companies from $13.00 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. The Goldman Sachs Group boosted their target price on shares of Rocket Companies from $14.00 to $16.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft raised shares of Rocket Companies from a "hold" rating to a "buy" rating and set a $16.00 target price for the company in a research report on Wednesday, April 2nd. Barclays upgraded shares of Rocket Companies from an "underweight" rating to an "equal weight" rating and boosted their price objective for the stock from $10.00 to $14.00 in a research note on Tuesday, April 8th. Finally, Jefferies Financial Group boosted their price objective on shares of Rocket Companies from $11.50 to $14.00 and gave the stock a "hold" rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $14.42.

Rocket Companies Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.