Wellington Management Group LLP Buys 3,541,916 Shares of Rocket Companies, Inc. $RKT

Wellington Management Group LLP lifted its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 64.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,029,295 shares of the company’s stock after purchasing an additional 3,541,916 shares during the period. Wellington Management Group LLP owned 0.32% of Rocket Companies worth $142,211,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. ValueAct Holdings L.P. increased its position in Rocket Companies by 55.1% in the fourth quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after buying an additional 13,985,025 shares during the last quarter. Nuveen LLC raised its stake in shares of Rocket Companies by 5.5% in the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after buying an additional 1,706,659 shares during the period. Morgan Stanley lifted its position in shares of Rocket Companies by 461.2% during the 4th quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after buying an additional 22,196,782 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Rocket Companies by 11,636.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after buying an additional 25,966,725 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Rocket Companies by 323.9% during the 4th quarter. State Street Corp now owns 20,688,336 shares of the company’s stock worth $400,526,000 after acquiring an additional 15,807,776 shares during the period. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Down 2.8%

Shares of RKT opened at $13.39 on Tuesday. The firm’s 50 day simple moving average is $14.24 and its 200 day simple moving average is $14.73. The company has a market capitalization of $37.92 billion, a P/E ratio of 95.64 and a beta of 2.19. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.85. Rocket Companies, Inc. has a 1-year low of $12.17 and a 1-year high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.16 EPS for the quarter, hitting analysts’ consensus estimates of $0.16. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The business had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter in the previous year, the company earned $0.04 EPS. The business’s quarterly revenue was up 91.9% compared to the same quarter last year. Sell-side analysts forecast that Rocket Companies, Inc. will post 0.53 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on RKT. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $16.00 price objective (up from $15.00) on shares of Rocket Companies in a report on Wednesday, August 12th. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $15.50 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Stephens lowered their price target on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Wells Fargo & Company dropped their price target on shares of Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Finally, Benchmark reduced their price objective on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.87.

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.