2,089,610 Shares in Rocket Companies, Inc. $RKT Bought by Vaughan Nelson Investment Management L.P.

Vaughan Nelson Investment Management L.P. bought a new stake in shares of Rocket Companies, Inc. (NYSE:RKT) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 2,089,610 shares of the company’s stock, valued at approximately $40,455,000. Vaughan Nelson Investment Management L.P. owned about 0.10% of Rocket Companies at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Durable Capital Partners LP bought a new position in shares of Rocket Companies during the 3rd quarter worth about $213,010,000. ValueAct Holdings L.P. grew its position in Rocket Companies by 67.9% during 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 grew its position in Rocket Companies by 7,412.6% during 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. Vanguard Group Inc. increased its stake in Rocket Companies by 29.5% during the third quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock valued at $444,684,000 after acquiring an additional 5,226,931 shares during the period. Finally, Third Point LLC bought a new position in Rocket Companies during the second quarter valued at about $67,355,000. 4.59% of the stock is owned by institutional investors.

Insider Buying and Selling at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the sale, the director owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 7,500 shares of company stock worth $167,575 over the last three months. Company insiders own 92.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wells Fargo & Company raised their price objective on Rocket Companies from $17.00 to $19.00 and gave the stock an “equal weight” rating in a research report on Friday, February 27th. Keefe, Bruyette & Woods upgraded shares of Rocket Companies from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $20.00 to $22.00 in a research note on Monday, March 16th. Compass Point started coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They issued a “buy” rating and a $21.00 price target on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Rocket Companies in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. began coverage on shares of Rocket Companies in a research report on Monday, January 12th. They set a “neutral” rating and a $24.00 target price on the stock. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $20.80.

Rocket Companies Stock Down 1.5%

Shares of NYSE RKT opened at $13.46 on Tuesday. Rocket Companies, Inc. has a 52-week low of $10.94 and a 52-week high of $24.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. The business has a fifty day moving average of $17.41 and a two-hundred day moving average of $18.34. The stock has a market cap of $37.96 billion, a PE ratio of -103.56 and a beta of 2.30.

Rocket Companies (NYSE:RKT) last posted its earnings results on Thursday, February 26th. The company reported $0.11 earnings per share 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 quarter in the prior year, the firm earned $0.04 EPS. The firm’s quarterly revenue was up 52.2% compared to the same quarter last year. As a group, equities research analysts expect that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

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.