Peregrine Asset Advisers Inc. Trims Stake in Rocket Companies, Inc. $RKT

Peregrine Asset Advisers Inc. cut its holdings in Rocket Companies, Inc. (NYSE:RKT) by 34.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 195,956 shares of the company’s stock after selling 101,257 shares during the period. Peregrine Asset Advisers Inc.’s holdings in Rocket Companies were worth $2,792,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Rocket Companies by 280.3% during the 4th quarter. Vanguard Group Inc. now owns 87,256,540 shares of the company’s stock valued at $1,689,287,000 after acquiring an additional 64,311,040 shares during the period. ValueAct Holdings L.P. raised its holdings in Rocket Companies by 55.1% in the 4th quarter. ValueAct Holdings L.P. now owns 39,380,652 shares of the company’s stock worth $762,409,000 after purchasing an additional 13,985,025 shares during the period. Nuveen LLC lifted its position in Rocket Companies by 5.5% during the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after purchasing an additional 1,706,659 shares in the last quarter. Morgan Stanley lifted its position in Rocket Companies by 461.2% during the fourth quarter. Morgan Stanley now owns 27,009,279 shares of the company’s stock valued at $522,900,000 after purchasing an additional 22,196,782 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Rocket Companies by 11,636.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,189,869 shares of the company’s stock valued at $507,037,000 after purchasing an additional 25,966,725 shares during the period. Hedge funds and other institutional investors own 4.59% of the company’s stock.

Rocket Companies Trading Down 0.8%

Shares of Rocket Companies stock opened at $15.72 on Friday. The company has a market capitalization of $44.49 billion, a P/E ratio of 314.46 and a beta of 2.16. The company has a debt-to-equity ratio of 1.13, a quick ratio of 4.37 and a current ratio of 4.37. The company has a fifty day moving average of $14.19 and a 200 day moving average of $16.61. Rocket Companies, Inc. has a fifty-two week low of $12.17 and a fifty-two week high of $24.36.

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

Analyst Upgrades and Downgrades

A number of analysts have commented on RKT shares. Keefe, Bruyette & Woods reduced their price target on Rocket Companies from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th. Wells Fargo & Company lowered their price objective on Rocket Companies from $19.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 9th. Zacks Research upgraded Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Weiss Ratings raised shares of Rocket Companies from a “sell (d)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $20.00 target price on shares of Rocket Companies in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.