Rocket Companies, Inc. $RKT Stock: Allspring Global Investments Holdings LLC Increases Holdings

Key Points

• Allspring increased its Rocket Companies stake by 37.5% in the third quarter, adding about 3.57 million shares to bring its holding to 13.1 million shares, worth roughly $156.9 million.
• Rocket reported quarterly EPS of $0.15, topping the $0.14 consensus, while revenue of $2.57 billion narrowly missed estimates. Revenue rose 37.4% year over year.
• Analysts give the stock a “Moderate Buy” consensus rating, with an average price target of $18.75. Insiders sold 675,000 shares over the past three months; the CEO’s 225,000-share sale was made under a pre-arranged trading plan.

Allspring Global Investments Holdings LLC raised its stake in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 37.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,104,578 shares of the company's stock after purchasing an additional 3,570,516 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.46% of Rocket Companies worth $156,862,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Valeo Financial Advisors LLC grew its stake in shares of Rocket Companies by 4.2% in the second quarter. Valeo Financial Advisors LLC now owns 20,473 shares of the company's stock valued at $322,000 after buying an additional 823 shares in the last quarter. NewEdge Wealth LLC lifted its position in Rocket Companies by 9.5% during the 1st quarter. NewEdge Wealth LLC now owns 14,457 shares of the company's stock worth $206,000 after acquiring an additional 1,253 shares in the last quarter. HB Wealth Management LLC lifted its position in Rocket Companies by 4.9% during the 2nd quarter. HB Wealth Management LLC now owns 27,040 shares of the company's stock worth $426,000 after acquiring an additional 1,258 shares in the last quarter. World Investment Advisors boosted its holdings in Rocket Companies by 5.5% in the 1st quarter. World Investment Advisors now owns 28,667 shares of the company's stock worth $409,000 after acquiring an additional 1,489 shares during the period. Finally, North Dakota State Investment Board boosted its holdings in Rocket Companies by 6.0% in the 3rd quarter. North Dakota State Investment Board now owns 29,669 shares of the company's stock worth $341,000 after acquiring an additional 1,668 shares during the period. Institutional investors and hedge funds own 4.59% of the company's stock.

Rocket Companies Trading Up 0.1%

RKT opened at $15.08 on Monday. Rocket Companies, Inc. has a 12-month low of $10.18 and a 12-month high of $24.36. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.77 and a quick ratio of 3.77. The stock has a market capitalization of $42.78 billion, a PE ratio of 33.50, a P/E/G ratio of 4.55 and a beta of 2.26. The firm's fifty day moving average price is $12.42 and its 200 day moving average price is $14.55.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.01. Rocket Companies had a net margin of 11.14% and a return on equity of 5.33%. The company had revenue of $2.57 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same period last year, the business earned $0.07 EPS. The firm's revenue for the quarter was up 37.4% compared to the same quarter last year. As a group, research analysts expect that Rocket Companies, Inc. will post 0.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Rocket Companies from $12.50 to $13.00 and gave the company a "neutral" rating in a research note on Friday, October 30th. Morgan Stanley set a $16.00 price target on shares of Rocket Companies and gave the stock an "overweight" rating in a research note on Monday, October 12th. Keefe, Bruyette & Woods cut their price objective on shares of Rocket Companies from $20.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, August 10th. Benchmark decreased their price objective on shares of Rocket Companies from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Finally, Wells Fargo & Company set a $13.00 price objective on shares of Rocket Companies and gave the company an "equal weight" rating in a research report on Tuesday, October 6th. Eight research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.75.

Insiders Place Their Bets

In related news, CEO Jesse Bray sold 225,000 shares of the business's stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $13.75, for a total value of $3,093,750.00. Following the completion of the sale, the chief executive officer directly owned 7,503,027 shares of the company's stock, valued at $103,166,621.25. The trade was a 2.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 675,000 shares of company stock valued at $8,780,824 over the last three months. 57.68% of the stock is owned by insiders.

Rocket Companies Profile

Rocket Companies is a Detroit-based financial technology company whose businesses help consumers navigate homeownership and personal finance. Its services include mortgage lending and refinancing, online real estate search, title and closing services, and personal loans.

Its flagship business, Rocket Mortgage, offers a digital mortgage application and lending process. Other brands include Rocket Homes, which connects homebuyers with real estate services, and Amrock, which provides title, settlement, and valuation services.

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