Rocket Companies, Inc. $RKT Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its stake in Rocket Companies, Inc. (NYSE:RKT) by 52.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 558,586 shares of the company’s stock after selling 627,982 shares during the period. Principal Financial Group Inc.’s holdings in Rocket Companies were worth $10,825,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Royal Bank of Canada raised its position in Rocket Companies by 48.9% in the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after purchasing an additional 22,861 shares during the period. Amundi grew its stake in shares of Rocket Companies by 3.1% in the first quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after buying an additional 997 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Rocket Companies by 1,086.5% in the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after buying an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Rocket Companies by 12.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 370,619 shares of the company’s stock worth $4,473,000 after acquiring an additional 40,326 shares in the last quarter. Finally, Truist Financial Corp boosted its holdings in Rocket Companies by 56.4% during the 2nd quarter. Truist Financial Corp now owns 15,806 shares of the company’s stock valued at $224,000 after acquiring an additional 5,697 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Down 8.3%

Shares of NYSE:RKT opened at $18.56 on Thursday. Rocket Companies, Inc. has a 52 week low of $10.94 and a 52 week high of $24.36. The company’s 50 day moving average is $20.21 and its two-hundred day moving average is $18.81. The company has a market cap of $39.06 billion, a PE ratio of 232.04 and a beta of 2.31. 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

RKT has been the topic of a number of recent research reports. Barclays set a $22.00 price target on shares of Rocket Companies and gave the stock an “equal weight” rating in a research note on Tuesday, January 6th. BTIG Research reaffirmed a “buy” rating and set a $25.00 target price on shares of Rocket Companies in a research note on Wednesday, November 19th. Keefe, Bruyette & Woods raised their price target on shares of Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a research report on Thursday, December 18th. The Goldman Sachs Group restated a “neutral” rating and issued a $22.00 price target (up previously from $16.00) on shares of Rocket Companies in a research note on Wednesday, October 29th. Finally, Wells Fargo & Company increased their price objective on Rocket Companies from $15.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.50.

Insider Transactions at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $22.99, for a total transaction of $57,475.00. Following the completion of the transaction, the director directly owned 1,038,536 shares of the company’s stock, valued at approximately $23,875,942.64. This represents a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 37,500 shares of company stock worth $735,750. 92.64% of the stock is owned by insiders.

Rocket Companies 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.