Perigon Wealth Management LLC Makes New Investment in Rocket Companies, Inc. $RKT

Perigon Wealth Management LLC bought a new position in Rocket Companies, Inc. (NYSE:RKT) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 76,947 shares of the company’s stock, valued at approximately $1,491,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RKT. Lincoln Capital Corp raised its holdings in Rocket Companies by 1.1% in the third quarter. Lincoln Capital Corp now owns 273,525 shares of the company’s stock worth $5,301,000 after purchasing an additional 2,911 shares in the last quarter. CWM LLC grew its position in shares of Rocket Companies by 49.3% in the 3rd quarter. CWM LLC now owns 9,715 shares of the company’s stock worth $188,000 after buying an additional 3,208 shares during the period. Harbor Capital Advisors Inc. increased its stake in shares of Rocket Companies by 34.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 77,757 shares of the company’s stock worth $1,507,000 after acquiring an additional 20,089 shares in the last quarter. Friedenthal Financial bought a new position in shares of Rocket Companies in the 3rd quarter worth about $953,000. Finally, DAVENPORT & Co LLC purchased a new position in Rocket Companies during the 3rd quarter valued at about $517,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Stock Performance

Shares of RKT opened at $20.04 on Wednesday. The company has a market cap of $42.18 billion, a price-to-earnings ratio of 250.57 and a beta of 2.26. The business’s fifty day simple moving average is $18.18 and its two-hundred day simple moving average is $17.39. Rocket Companies, Inc. has a 12 month low of $10.06 and a 12 month high of $22.56. The company has a current ratio of 19.68, a quick ratio of 19.68 and a debt-to-equity ratio of 2.16.

Rocket Companies (NYSE:RKT) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.07. Rocket Companies had a positive return on equity of 2.83% and a negative net margin of 1.77%.The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the company posted $0.08 earnings per share. The company’s quarterly revenue was up 148.1% on a year-over-year basis. Research analysts anticipate that Rocket Companies, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Transactions at Rocket Companies

In other news, Director Matthew Rizik sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, December 24th. The shares were 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 of the company’s stock, valued at $20,723,739.84. This trade represents a 0.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 30,000 shares of company stock worth $563,725. 92.64% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

RKT has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Rocket Companies in a research note on Friday, December 19th. They set a “buy” rating and a $25.00 target price for the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Rocket Companies in a research note on Monday, October 13th. Royal Bank Of Canada lifted their price objective on Rocket Companies from $17.00 to $20.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 8th. Wells Fargo & Company increased their target price on Rocket Companies from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $22.00 price target (up from $16.00) on shares of Rocket Companies in a report on Wednesday, October 29th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Hold” and a consensus target price of $19.32.

Rocket Companies Company 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.