Insider Selling: Rocket Companies (NYSE:RKT) CEO Sells 92,300 Shares of Stock

Rocket Companies, Inc. (NYSE:RKT) CEO Jesse Bray sold 92,300 shares of the stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $12.39, for a total transaction of $1,143,597.00. Following the completion of the sale, the chief executive officer directly owned 7,728,027 shares in the company, valued at approximately $95,750,254.53. The trade was a 1.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rocket Companies Price Performance

RKT traded down $0.01 during midday trading on Monday, reaching $11.70. 27,019,622 shares of the company’s stock were exchanged, compared to its average volume of 29,629,986. Rocket Companies, Inc. has a 1-year low of $11.25 and a 1-year high of $24.36. The stock has a market capitalization of $33.12 billion, a PE ratio of 83.54, a P/E/G ratio of 3.21 and a beta of 2.23. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.85. The business’s 50-day moving average price is $13.40 and its 200 day moving average price is $14.04.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period in the prior year, the business earned $0.04 earnings per share. The company’s quarterly revenue was up 91.9% on a year-over-year basis. As a group, equities analysts anticipate that Rocket Companies, Inc. will post 0.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RKT has been the topic of several recent research reports. Royal Bank Of Canada restated a “sector perform” rating and issued a $16.00 price objective (up from $15.00) on shares of Rocket Companies in a research report on Wednesday, August 12th. Weiss Ratings cut Rocket Companies from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Barclays cut their target price on shares of Rocket Companies from $17.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday. Wells Fargo & Company decreased their price target on shares of Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Finally, Stephens lowered their price target on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Rocket Companies currently has a consensus rating of “Moderate Buy” and an average target price of $19.43.

Institutional Trading of Rocket Companies

A number of hedge funds have recently added to or reduced their stakes in RKT. Cassaday & Co Wealth Management LLC purchased a new stake in Rocket Companies in the 1st quarter valued at about $34,000. Summit Securities Group LLC purchased a new stake in Rocket Companies in the first quarter valued at approximately $60,000. Hilltop National Bank grew its holdings in Rocket Companies by 44,581.8% in the second quarter. Hilltop National Bank now owns 4,915 shares of the company’s stock valued at $77,000 after purchasing an additional 4,904 shares during the period. Jessup Wealth Management Inc acquired a new position in Rocket Companies during the fourth quarter worth approximately $107,000. Finally, Centaurus Financial Inc. acquired a new position in Rocket Companies during the first quarter worth approximately $101,000. 4.59% of the stock is owned by institutional investors and hedge funds.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based fintech platform that provides digital financial and real estate services primarily to consumers in the United States. Its operations are centered on helping customers obtain, manage and refinance home loans, while also offering related services across the homeownership and personal finance lifecycle.

The company’s principal businesses include Rocket Mortgage, a digital mortgage lender and originator; Rocket Homes, a real estate marketplace and agent-referral platform; Rocket Money, a personal finance application that helps users manage subscriptions, budgets and bills; and Rocket Loans, which provides personal loans.