Insider Selling: Rocket Companies (NYSE:RKT) Rocket Mortgage Ceo Sells $2,949,750.00 in Stock

Rocket Companies, Inc. (NYSE:RKT) Rocket Mortgage Ceo Jesse Bray sold 225,000 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $13.11, for a total value of $2,949,750.00. Following the completion of the transaction, the insider owned 7,953,027 shares in the company, valued at $104,264,183.97. The trade was a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rocket Companies Stock Down 2.3%

NYSE RKT opened at $12.28 on Friday. The stock has a market capitalization of $34.76 billion, a P/E ratio of 87.68, a price-to-earnings-growth ratio of 3.45 and a beta of 2.20. Rocket Companies, Inc. has a 52 week low of $12.17 and a 52 week high of $24.36. The company has a debt-to-equity ratio of 1.16, a quick ratio of 4.85 and a current ratio of 4.85. The stock has a fifty day moving average of $13.78 and a 200-day moving average of $14.29.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.16. The business had revenue of $2.76 billion for 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 firm’s quarterly revenue was up 91.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.04 earnings per share. On average, equities research analysts forecast that Rocket Companies, Inc. will post 0.52 EPS for the current year.

Institutional Investors Weigh In On Rocket Companies

Large investors have recently made changes to their positions in the stock. Nuveen LLC boosted its stake in Rocket Companies by 5.5% in the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock worth $629,938,000 after purchasing an additional 1,706,659 shares during the period. Geode Capital Management LLC raised its stake in shares of Rocket Companies by 265.0% in the 4th quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock valued at $299,939,000 after purchasing an additional 11,282,009 shares during the period. Fred Alger Management LLC raised its stake in shares of Rocket Companies by 67.6% in the 4th quarter. Fred Alger Management LLC now owns 10,190,918 shares of the company’s stock valued at $197,296,000 after purchasing an additional 4,112,118 shares during the period. Amundi lifted its holdings in shares of Rocket Companies by 152.1% in the first quarter. Amundi now owns 13,725,878 shares of the company’s stock valued at $195,594,000 after purchasing an additional 8,280,463 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Rocket Companies during the fourth quarter worth about $144,207,000. Institutional investors own 4.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their price target on Rocket Companies from $15.50 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Barclays reduced their price target on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods decreased their price target on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, August 10th. Wells Fargo & Company lowered their price objective on shares of Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating for the company in a research report on Friday, August 7th. Finally, Morgan Stanley raised Rocket Companies from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $18.00 to $19.00 in a research note on Thursday, July 16th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Rocket Companies currently has an average rating of “Moderate Buy” and a consensus target price of $19.57.

Rocket Companies News Roundup

Here are the key news stories impacting Rocket Companies this week:

• Positive Sentiment: Barclays reiterated its Buy rating on RKT, supporting the view that Rocket Companies can benefit from a potential recovery in mortgage activity. Barclays Sticks to Their Buy Rating for Rocket Companies
• Positive Sentiment: Investors purchased about 81,651 call options, roughly 38% above typical daily volume, indicating increased speculative interest in a potential rebound.
• Positive Sentiment: Zacks identified Rocket Companies as one of the mortgage-related services stocks best positioned to navigate industry headwinds, despite high interest rates. 3 Mortgage and Related Services Stocks to Watch Amid Industry Headwinds
• Neutral Sentiment: Redfin reported that seller concessions were involved in 44.7% of U.S. home sales in August, highlighting better negotiating conditions for buyers. This could support transaction volume over time but also reflects a softer housing market. Nearly Half of Homebuyers Get Concessions From Sellers
• Negative Sentiment: Pending home sales fell 3.5% week over week to their lowest level in nearly three years. Weak purchase demand is a direct concern for Rocket Mortgage’s origination business. Redfin Reports Pending Home Sales Dip to Lowest Level in Nearly 3 Years
• Negative Sentiment: Rocket Mortgage CEO Jesse Bray sold 225,000 shares worth approximately $2.95 million. Although the sale was conducted under a pre-arranged Rule 10b5-1 plan, it may weigh on sentiment.
• Negative Sentiment: A bearish commentary cited valuation concerns and reasons to sell RKT, adding pressure while the stock trades below its 50-day and 200-day moving averages. 3 Reasons to Sell RKT and 1 Stock to Buy Instead

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based financial technology company that provides digital platforms and services for homeownership and personal finance. Its flagship business, Rocket Mortgage, originates and services residential mortgage loans through an online application and lending process, serving borrowers across the United States.

The company also operates Rocket Homes, a real estate platform that connects consumers with real estate agents and home-buying resources; Rocket Loans, which provides personal loans; and Rocket Money, a personal finance app designed to help users manage subscriptions, budgeting and other aspects of their financial lives.