Rocket Companies (NYSE:RKT) Director Sells $48,125.00 in Stock

Rocket Companies, Inc. (NYSE:RKT) Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $19.25, for a total value of $48,125.00. Following the completion of the sale, the director directly owned 1,061,036 shares in the company, valued at approximately $20,424,943. The trade was a 0.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Matthew Rizik also recently made the following trade(s):

• On Friday, December 26th, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The shares were sold at an average price of $19.38, for a total value of $48,450.00.
• On Wednesday, December 24th, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The shares were sold at an average price of $19.44, for a total transaction of $48,600.00.
• On Monday, December 22nd, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The stock was sold at an average price of $18.99, for a total transaction of $47,475.00.
• On Friday, December 19th, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The shares were sold at an average price of $19.21, for a total transaction of $48,025.00.
• On Wednesday, December 17th, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The shares were sold at an average price of $18.21, for a total transaction of $45,525.00.
• On Friday, December 12th, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The stock was sold at an average price of $18.99, for a total transaction of $47,475.00.
• On Wednesday, December 10th, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The stock was sold at an average price of $19.17, for a total transaction of $47,925.00.
• On Monday, December 8th, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The shares were sold at an average price of $18.78, for a total transaction of $46,950.00.
• On Thursday, December 4th, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The shares were sold at an average price of $19.86, for a total transaction of $49,650.00.
• On Tuesday, November 25th, Matthew Rizik sold 2,500 shares of Rocket Companies stock. The stock was sold at an average price of $19.29, for a total value of $48,225.00.

Rocket Companies Trading Down 3.4%

RKT stock traded down $0.69 during midday trading on Wednesday, reaching $19.37. 17,326,518 shares of the company traded hands, compared to its average volume of 20,295,064. Rocket Companies, Inc. has a 52-week low of $10.06 and a 52-week high of $22.56. The company has a debt-to-equity ratio of 2.16, a quick ratio of 19.68 and a current ratio of 19.68. The business has a 50 day moving average of $18.18 and a 200-day moving average of $17.39. The firm has a market capitalization of $40.76 billion, a price-to-earnings ratio of 242.16 and a beta of 2.26.

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

Institutional Investors Weigh In On Rocket Companies

Large investors have recently added to or reduced their stakes in the stock. Durable Capital Partners LP purchased a new position in shares of Rocket Companies during the third quarter worth approximately $213,010,000. ValueAct Holdings L.P. grew its stake in Rocket Companies by 67.9% in the third quarter. ValueAct Holdings L.P. now owns 25,395,627 shares of the company’s stock worth $492,167,000 after purchasing an additional 10,270,018 shares in the last quarter. Fred Alger Management LLC increased its holdings in Rocket Companies by 7,412.6% during the 3rd quarter. Fred Alger Management LLC now owns 6,078,800 shares of the company’s stock worth $117,807,000 after purchasing an additional 5,997,885 shares during the period. Vanguard Group Inc. increased its holdings in Rocket Companies by 29.5% during the 3rd quarter. Vanguard Group Inc. now owns 22,945,500 shares of the company’s stock worth $444,684,000 after purchasing an additional 5,226,931 shares during the period. Finally, Third Point LLC bought a new stake in Rocket Companies during the 2nd quarter valued at $67,355,000. 4.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on RKT. The Goldman Sachs Group reiterated a “neutral” rating and set a $22.00 price objective (up previously from $16.00) on shares of Rocket Companies in a research report on Wednesday, October 29th. BTIG Research reissued a “buy” rating and issued a $25.00 price objective on shares of Rocket Companies in a research report on Wednesday, November 19th. Bank of America upgraded Rocket Companies from a “neutral” rating to a “buy” rating and boosted their target price for the company from $21.00 to $24.00 in a research report on Wednesday, September 10th. Zacks Research raised Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, Oppenheimer began coverage on Rocket Companies in a report on Thursday, November 13th. They issued an “outperform” rating and a $25.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.32.

About Rocket Companies

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.