Wealthfront Advisers LLC Increases Position in Rocket Companies, Inc. $RKT

Wealthfront Advisers LLC increased its stake in shares of Rocket Companies, Inc. (NYSE:RKT) by 31.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 781,227 shares of the company’s stock after buying an additional 185,993 shares during the quarter. Wealthfront Advisers LLC’s holdings in Rocket Companies were worth $15,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in RKT. Cloud Capital Management LLC purchased a new stake in shares of Rocket Companies during the third quarter valued at $25,000. Pinnacle Bancorp Inc. grew its holdings in shares of Rocket Companies by 369.7% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock valued at $29,000 after buying an additional 1,183 shares during the last quarter. City State Bank purchased a new stake in shares of Rocket Companies during the fourth quarter valued at $30,000. Miller Wealth Advisors LLC grew its holdings in shares of Rocket Companies by 65.0% during the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $32,000 after buying an additional 650 shares during the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of Rocket Companies during the third quarter valued at $38,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Rocket Companies Price Performance

NYSE:RKT opened at $15.31 on Wednesday. Rocket Companies, Inc. has a one year low of $11.08 and a one year high of $24.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 70.90 and a current ratio of 70.90. The firm has a market cap of $43.17 billion, a price-to-earnings ratio of -117.76 and a beta of 2.34. The firm’s fifty day moving average is $15.52 and its two-hundred day moving average is $17.78.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. Rocket Companies had a negative net margin of 1.02% and a positive return on equity of 3.04%. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period in the prior year, the company earned $0.04 earnings per share. The firm’s revenue was up 52.2% on a year-over-year basis. Research analysts expect that Rocket Companies, Inc. will post 0.65 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RKT. Citizens Jmp began coverage on shares of Rocket Companies in a report on Wednesday, March 25th. They set a “market perform” rating on the stock. Wells Fargo & Company dropped their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Stephens began coverage on shares of Rocket Companies in a report on Thursday, April 23rd. They set an “overweight” rating and a $22.50 price objective on the stock. Compass Point began coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Barclays raised shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $22.00 to $19.00 in a report on Monday, April 6th. Nine research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $20.40.

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.