Rocket Companies, Inc. $RKT Shares Purchased by Wealthfront Advisers LLC

Wealthfront Advisers LLC boosted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 7.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 595,234 shares of the company’s stock after acquiring an additional 40,533 shares during the period. Wealthfront Advisers LLC’s holdings in Rocket Companies were worth $11,536,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Cloud Capital Management LLC acquired a new position in shares of Rocket Companies during the third quarter worth $25,000. North Capital Inc. lifted its holdings in Rocket Companies by 287.2% during the 2nd quarter. North Capital Inc. now owns 1,820 shares of the company’s stock worth $26,000 after buying an additional 1,350 shares during the last quarter. SouthState Corp boosted its position in shares of Rocket Companies by 2,044.8% during the 2nd quarter. SouthState Corp now owns 2,059 shares of the company’s stock worth $29,000 after acquiring an additional 1,963 shares in the last quarter. Miller Wealth Advisors LLC boosted its position in shares of Rocket Companies by 65.0% during the 3rd quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after acquiring an additional 650 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new position in shares of Rocket Companies in the 3rd quarter valued at about $38,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction 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 transaction, the director directly 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 position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 40,000 shares of company stock worth $779,425. 92.64% of the stock is owned by corporate insiders.

Rocket Companies Stock Performance

Shares of RKT opened at $20.24 on Wednesday. The company’s 50 day simple moving average is $20.23 and its 200-day simple moving average is $18.81. The firm has a market cap of $42.60 billion, a PE ratio of 253.03 and a beta of 2.31. Rocket Companies, Inc. has a 12-month low of $10.94 and a 12-month high of $24.36. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RKT. Wall Street Zen cut Rocket Companies from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Wells Fargo & Company raised their price objective on shares of Rocket Companies from $15.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. BTIG Research restated a “buy” rating and issued a $25.00 target price on shares of Rocket Companies in a report on Wednesday, November 19th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $22.00 target price (up from $16.00) on shares of Rocket Companies in a research report on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $20.50.

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.