Peregrine Asset Advisers Inc. Sells 101,257 Shares of Rocket Companies, Inc. $RKT

Peregrine Asset Advisers Inc. decreased its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 34.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 195,956 shares of the company’s stock after selling 101,257 shares during the quarter. Peregrine Asset Advisers Inc.’s holdings in Rocket Companies were worth $2,792,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Truvestments Capital LLC bought a new position in Rocket Companies in the 4th quarter valued at approximately $26,000. Acumen Wealth Advisors LLC bought a new stake in shares of Rocket Companies in the 4th quarter worth $26,000. Pinnacle Bancorp Inc. increased its holdings in shares of Rocket Companies by 369.7% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,503 shares of the company’s stock worth $29,000 after purchasing an additional 1,183 shares in the last quarter. City State Bank purchased a new position in shares of Rocket Companies in the fourth quarter worth $30,000. Finally, Smithfield Trust Co purchased a new position in shares of Rocket Companies in the fourth quarter worth $32,000. Institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

RKT stock opened at $15.72 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 4.37 and a quick ratio of 4.37. Rocket Companies, Inc. has a 1 year low of $12.17 and a 1 year high of $24.36. The company has a market cap of $44.49 billion, a P/E ratio of 314.46 and a beta of 2.16. The stock’s fifty day moving average price is $14.19 and its 200-day moving average price is $16.61.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Rocket Companies had a return on equity of 4.30% and a net margin of 2.78%.The company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the prior year, the business earned $0.04 earnings per share. Rocket Companies’s revenue for the quarter was up 167.1% compared to the same quarter last year. On average, equities analysts forecast that Rocket Companies, Inc. will post 0.63 earnings per share for the current year.

Analyst Ratings Changes

RKT has been the topic of several recent analyst reports. BTIG Research reaffirmed a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. JPMorgan Chase & Co. decreased their target price on Rocket Companies from $24.00 to $16.50 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Zacks Research upgraded shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Wells Fargo & Company lowered their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 9th. Finally, Compass Point started coverage on shares of Rocket Companies in a report on Tuesday, March 10th. They set a “buy” rating and a $21.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.87.

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.