Vanguard Group Inc. Purchases 1,101,325 Shares of Rocket Companies, Inc. (NYSE:RKT)

Vanguard Group Inc. boosted its holdings in shares of Rocket Companies, Inc. (NYSE:RKT) by 10.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,702,838 shares of the company’s stock after purchasing an additional 1,101,325 shares during the period. Vanguard Group Inc. owned 0.59% of Rocket Companies worth $169,457,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RKT. Principal Securities Inc. bought a new position in Rocket Companies in the 4th quarter worth approximately $26,000. First Affirmative Financial Network increased its stake in shares of Rocket Companies by 18.0% in the 4th quarter. First Affirmative Financial Network now owns 13,450 shares of the company’s stock valued at $195,000 after buying an additional 2,052 shares during the period. Vima LLC bought a new stake in shares of Rocket Companies during the fourth quarter worth $31,000. Westpac Banking Corp lifted its stake in shares of Rocket Companies by 61.8% during the fourth quarter. Westpac Banking Corp now owns 5,927 shares of the company’s stock valued at $86,000 after acquiring an additional 2,264 shares during the period. Finally, Tennessee Valley Asset Management Partners bought a new position in Rocket Companies in the fourth quarter valued at about $37,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Price Performance

NYSE RKT opened at $13.85 on Thursday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 12.83 and a current ratio of 12.83. The stock has a market cap of $27.54 billion, a price-to-earnings ratio of 125.91 and a beta of 2.43. The business has a 50 day simple moving average of $13.88 and a 200 day simple moving average of $13.12. Rocket Companies, Inc. has a 52-week low of $7.17 and a 52-week high of $15.81.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.08. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.02 billion. Rocket Companies had a net margin of 0.43% and a negative return on equity of 1.05%. Analysts anticipate that Rocket Companies, Inc. will post 0.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on RKT shares. Royal Bank of Canada boosted their price objective on Rocket Companies from $12.00 to $14.00 and gave the stock a “sector perform” rating in a report on Friday, May 3rd. Wedbush reissued a “neutral” rating and set a $13.00 price target on shares of Rocket Companies in a research note on Friday, May 3rd. Piper Sandler raised their price objective on shares of Rocket Companies from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. JPMorgan Chase & Co. upped their target price on shares of Rocket Companies from $10.50 to $11.00 and gave the company an “underweight” rating in a research report on Friday, May 3rd. Finally, Bank of America increased their price target on Rocket Companies from $7.00 to $8.00 and gave the company an “underperform” rating in a research note on Monday, March 18th. Six investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $10.60.

About Rocket Companies

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.