Wealthfront Advisers LLC Boosts Holdings in Rocket Companies, Inc. $RKT

Wealthfront Advisers LLC lifted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 7.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 595,234 shares of the company’s stock after buying 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 filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in RKT. PNC Financial Services Group Inc. increased its stake in Rocket Companies by 18.4% during the second quarter. PNC Financial Services Group Inc. now owns 3,890 shares of the company’s stock worth $55,000 after acquiring an additional 605 shares during the last quarter. Miller Wealth Advisors LLC grew its holdings 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 purchasing an additional 650 shares during the period. Amundi grew its holdings in shares of Rocket Companies by 2.3% during the 2nd quarter. Amundi now owns 34,170 shares of the company’s stock worth $498,000 after purchasing an additional 754 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Rocket Companies by 23.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,339 shares of the company’s stock worth $62,000 after purchasing an additional 816 shares during the last quarter. Finally, Cranbrook Wealth Management LLC raised its holdings in Rocket Companies by 11.6% in the 3rd quarter. Cranbrook Wealth Management LLC now owns 9,644 shares of the company’s stock valued at $187,000 after buying an additional 1,000 shares during the period. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Price Performance

Rocket Companies stock opened at $20.24 on Wednesday. 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 52-week low of $10.94 and a 52-week high of $24.36. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. The company’s 50 day moving average is $20.23 and its two-hundred day moving average is $18.81.

Insider Transactions at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $19.44, for a total transaction of $48,600.00. Following the sale, the director owned 1,066,036 shares in the company, valued at $20,723,739.84. This represents a 0.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 40,000 shares of company stock valued at $779,425 in the last ninety days. Company insiders own 92.64% of the company’s stock.

Analyst Upgrades and Downgrades

RKT has been the subject of several research analyst reports. Barclays set a $22.00 target price on shares of Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. Wall Street Zen lowered shares of Rocket Companies from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Keefe, Bruyette & Woods increased their price objective on shares of Rocket Companies from $18.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Wells Fargo & Company lifted their target price on shares of Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Finally, Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Five analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Rocket Companies currently has a consensus rating of “Hold” and an average price target of $20.50.

About Rocket Companies

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.