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

Vanguard Group Inc. increased its stake in shares of Rocket Companies, Inc. (NYSE:RKT - Free Report) by 280.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 87,256,540 shares of the company's stock after purchasing an additional 64,311,040 shares during the quarter. Vanguard Group Inc. owned approximately 4.15% of Rocket Companies worth $1,689,287,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in RKT. Cloud Capital Management LLC acquired a new stake in Rocket Companies in the third quarter valued at approximately $25,000. Pinnacle Bancorp Inc. lifted its stake in Rocket Companies by 369.7% in the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company's stock valued at $29,000 after acquiring an additional 1,183 shares during the last quarter. City State Bank acquired a new stake in Rocket Companies in the fourth quarter valued at approximately $30,000. Miller Wealth Advisors LLC lifted its stake in Rocket Companies by 65.0% in the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company's stock valued at $32,000 after acquiring an additional 650 shares during the last quarter. Finally, Geneos Wealth Management Inc. acquired a new stake in Rocket Companies in the third quarter valued at approximately $38,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $14.62 on Friday. The firm has a fifty day simple moving average of $15.36 and a 200-day simple moving average of $17.73. The company has a current ratio of 70.90, a quick ratio of 70.90 and a debt-to-equity ratio of 1.07. Rocket Companies, Inc. has a 1-year low of $11.08 and a 1-year high of $24.36. The stock has a market capitalization of $41.23 billion, a price-to-earnings ratio of -112.47 and a beta of 2.34.

Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.24 billion. During the same period in the previous year, the company earned $0.04 earnings per share. Rocket Companies's revenue for the quarter was up 52.2% on a year-over-year basis. On average, sell-side analysts expect that Rocket Companies, Inc. will post 0.65 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on RKT shares. Compass Point started coverage on shares of Rocket Companies in a research note on Tuesday, March 10th. They issued a "buy" rating and a $21.00 target price for the company. Stephens started coverage on shares of Rocket Companies in a research note on Thursday, April 23rd. They issued an "overweight" rating and a $22.50 target price for the company. Barclays upgraded shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and reduced their target price for the company from $22.00 to $19.00 in a research note on Monday, April 6th. Wells Fargo & Company reduced their target price on shares of Rocket Companies from $19.00 to $17.00 and set an "equal weight" rating for the company in a research note on Thursday, April 9th. Finally, Zacks Research cut shares of Rocket Companies from a "hold" rating to a "strong sell" rating in a research note on Monday, April 13th. Nine equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $20.40.

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.

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