Wealthfront Advisers LLC Buys 185,993 Shares of Rocket Companies, Inc. $RKT

Key Points

• Wealthfront Advisers LLC boosted its Rocket Companies holding by 31.2%, buying 185,993 shares to own 781,227 shares valued at $15.125 million per its latest SEC filing.
• Other institutions made large moves—most notably Vanguard raised its stake by 280.3% to 87,256,540 shares (adding 64,311,040 shares) worth about $1.689 billion, while Durable Capital, ValueAct, Fred Alger and Alyeska also built sizable positions.
• Recent results and market view: Rocket beat Q4 EPS estimates ($0.11 vs. $0.09) and reported revenue of $2.44 billion (up 52% YoY), but the consensus analyst rating is "Hold" with a $20.40 price target and the stock trading around $15.31.

Wealthfront Advisers LLC increased its holdings in Rocket Companies, Inc. (NYSE:RKT - Free Report) by 31.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 781,227 shares of the company's stock after buying an additional 185,993 shares during the period. Wealthfront Advisers LLC's holdings in Rocket Companies were worth $15,125,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of RKT. Vanguard Group Inc. raised its stake in Rocket Companies by 280.3% in the fourth quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company's stock worth $1,689,287,000 after buying an additional 64,311,040 shares in the last quarter. Durable Capital Partners LP bought a new position in Rocket Companies in the third quarter worth approximately $213,010,000. ValueAct Holdings L.P. raised its stake in Rocket Companies by 67.9% in the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company's stock worth $492,167,000 after buying an additional 10,270,018 shares in the last quarter. Fred Alger Management LLC raised its stake in Rocket Companies by 7,412.6% in the third quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company's stock worth $117,807,000 after buying an additional 5,997,885 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its stake in Rocket Companies by 229.5% in the third quarter. Alyeska Investment Group L.P. now owns 3,274,519 shares of the company's stock worth $63,460,000 after buying an additional 2,280,631 shares in the last quarter. Institutional investors own 4.59% of the company's stock.

Rocket Companies Price Performance

NYSE RKT opened at $15.31 on Wednesday. The firm's fifty day simple moving average is $15.52 and its two-hundred day simple moving average is $17.78. 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 12-month low of $11.08 and a 12-month high of $24.36. The firm has a market capitalization of $43.17 billion, a P/E ratio of -117.76 and a beta of 2.34.

Rocket Companies (NYSE:RKT - Get Free Report) last released 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 business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period in the previous year, the company earned $0.04 earnings per share. The business's revenue for the quarter was up 52.2% on a year-over-year basis. Analysts forecast that Rocket Companies, Inc. will post 0.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on RKT shares. Barclays raised shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and reduced their price objective for the stock from $22.00 to $19.00 in a research note on Monday, April 6th. Zacks Research downgraded shares of Rocket Companies from a "hold" rating to a "strong sell" rating in a research note on Monday, April 13th. Keefe, Bruyette & Woods raised shares of 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 research note on Monday, March 16th. Wells Fargo & Company reduced their price objective 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, Citizens Jmp began coverage on shares of Rocket Companies in a research note on Wednesday, March 25th. They issued a "market perform" rating for the company. Nine investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $20.40.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.