Wellington Management Group LLP Boosts Holdings in Rocket Companies, Inc. $RKT

Wellington Management Group LLP lifted its holdings in Rocket Companies, Inc. (NYSE:RKT) by 64.5% in the second quarter, HoldingsChannel reports. The fund owned 9,029,295 shares of the company’s stock after buying an additional 3,541,916 shares during the period. Wellington Management Group LLP’s holdings in Rocket Companies were worth $142,211,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in RKT. Royal Bank of Canada boosted its position in Rocket Companies by 48.9% during the first quarter. Royal Bank of Canada now owns 69,641 shares of the company’s stock valued at $841,000 after buying an additional 22,861 shares during the period. Amundi boosted its holdings in Rocket Companies by 3.1% during the 1st quarter. Amundi now owns 33,416 shares of the company’s stock valued at $403,000 after acquiring an additional 997 shares during the period. AQR Capital Management LLC boosted its holdings in Rocket Companies by 1,086.5% during the 1st quarter. AQR Capital Management LLC now owns 400,467 shares of the company’s stock valued at $4,734,000 after acquiring an additional 366,716 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings 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 valued at $4,473,000 after acquiring an additional 40,326 shares during the period. Finally, Creative Planning grew its position in Rocket Companies by 17.2% during the 2nd quarter. Creative Planning now owns 18,215 shares of the company’s stock worth $258,000 after acquiring an additional 2,679 shares during the last quarter. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on RKT. Wells Fargo & Company decreased their price target on 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. Benchmark cut their target price on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Stephens decreased their target price on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, Weiss Ratings lowered shares of Rocket Companies from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Ten equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.87.

Rocket Companies Trading Down 2.8%

RKT opened at $13.39 on Tuesday. The business has a 50 day simple moving average of $14.24 and a two-hundred day simple moving average of $14.73. The firm has a market capitalization of $37.92 billion, a price-to-earnings 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 one year low of $12.17 and a one year high of $24.36.

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

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.