Financial Technology

Allspring Global Investments Holdings LLC Acquires 38,610 Shares of Rocket Companies, Inc. (NYSE:RKT)

Allspring Global Investments Holdings LLC increased its holdings in Rocket Companies, Inc. (NYSE:RKTGet Rating) by 1,683.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,903 shares of the company’s stock after acquiring an additional 38,610 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Rocket Companies were worth $258,000 at the end of the most recent quarter.

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Several other institutional investors also recently modified their holdings of the business. Sage Private Wealth Group LLC grew its holdings in Rocket Companies by 11.4% during the second quarter. Sage Private Wealth Group LLC now owns 10,188 shares of the company’s stock valued at $75,000 after purchasing an additional 1,041 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Rocket Companies by 16.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,037 shares of the company’s stock valued at $67,000 after purchasing an additional 1,244 shares during the period. FMR LLC grew its holdings in Rocket Companies by 134.7% during the second quarter. FMR LLC now owns 3,598 shares of the company’s stock valued at $26,000 after purchasing an additional 2,065 shares during the period. Chiron Capital Management LLC grew its holdings in Rocket Companies by 14.5% during the second quarter. Chiron Capital Management LLC now owns 18,215 shares of the company’s stock valued at $134,000 after purchasing an additional 2,300 shares during the period. Finally, Captrust Financial Advisors grew its holdings in Rocket Companies by 178.2% during the second quarter. Captrust Financial Advisors now owns 4,451 shares of the company’s stock valued at $33,000 after purchasing an additional 2,851 shares during the period. 3.99% of the stock is owned by institutional investors.

Rocket Companies Stock Up 0.4 %

Shares of NYSE:RKT opened at $8.98 on Thursday. The stock’s 50-day moving average price is $7.88 and its 200-day moving average price is $7.99. Rocket Companies, Inc. has a 12-month low of $5.97 and a 12-month high of $14.31. The stock has a market capitalization of $17.70 billion, a P/E ratio of 11.51 and a beta of 1.84. The company has a current ratio of 11.69, a quick ratio of 11.69 and a debt-to-equity ratio of 1.09.

Rocket Companies (NYSE:RKTGet Rating) last posted its earnings results on Thursday, November 3rd. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.09 billion. Rocket Companies had a return on equity of 5.21% and a net margin of 1.41%. On average, equities analysts anticipate that Rocket Companies, Inc. will post -0.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RKT. UBS Group set a $8.00 price target on Rocket Companies in a report on Wednesday, November 23rd. Argus lowered Rocket Companies from a “hold” rating to a “sell” rating in a report on Wednesday, November 16th. Barclays raised their price target on Rocket Companies from $4.50 to $6.00 in a report on Friday, January 6th. Wells Fargo & Company raised their price target on Rocket Companies from $7.00 to $10.00 and gave the stock an “overweight” rating in a report on Tuesday, December 6th. Finally, The Goldman Sachs Group cut their price target on Rocket Companies from $7.25 to $6.50 and set a “neutral” rating for the company in a report on Monday, November 7th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.96.

Insider Buying and Selling

In other Rocket Companies news, CEO Jay Farner bought 25,000 shares of the business’s stock in a transaction that occurred on Thursday, December 15th. The shares were bought at an average cost of $8.00 per share, with a total value of $200,000.00. Following the completion of the purchase, the chief executive officer now directly owns 5,914,807 shares of the company’s stock, valued at $47,318,456. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have acquired 436,100 shares of company stock valued at $3,184,298 over the last ninety days. 94.01% of the stock is owned by insiders.

Rocket Companies Company Profile

(Get Rating)

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; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business.

Further Reading

Want to see what other hedge funds are holding RKT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rocket Companies, Inc. (NYSE:RKTGet Rating).

Institutional Ownership by Quarter for Rocket Companies (NYSE:RKT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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