Rocket Companies (NYSE:RKT) Shares Down 3.9% – Time to Sell?

Rocket Companies, Inc. (NYSE:RKT)’s stock price was down 3.9% during trading on Wednesday . The stock traded as low as $19.33 and last traded at $19.2850. Approximately 7,846,100 shares were traded during trading, a decline of 61% from the average daily volume of 20,254,959 shares. The stock had previously closed at $20.06.

Analyst Ratings Changes

Several research firms have commented on RKT. Wells Fargo & Company boosted their price objective 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. Barclays set a $19.00 target price on shares of Rocket Companies and gave the stock a “cautious” rating in a report on Monday, October 6th. The Goldman Sachs Group reiterated 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. Zacks Research raised shares of Rocket Companies from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, Keefe, Bruyette & Woods boosted their target price on Rocket Companies from $18.00 to $20.00 and gave the company a “market perform” rating in a research report on Thursday, December 18th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.32.

Rocket Companies Stock Performance

The firm has a market cap of $40.54 billion, a price-to-earnings ratio of 241.07 and a beta of 2.26. The company has a quick ratio of 19.68, a current ratio of 19.68 and a debt-to-equity ratio of 2.16. The company has a 50 day moving average of $18.18 and a 200 day moving average of $17.39.

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

Insider Buying and Selling at Rocket Companies

In other Rocket Companies news, Director Matthew Rizik sold 2,500 shares of Rocket Companies stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of $19.44, for a total value of $48,600.00. Following the completion of the sale, the director directly owned 1,066,036 shares in the company, valued at $20,723,739.84. The trade was a 0.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 30,000 shares of company stock valued at $563,725 over the last 90 days. Corporate insiders own 92.64% of the company’s stock.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors have recently modified their holdings of the business. Cloud Capital Management LLC acquired a new position in Rocket Companies in the third quarter valued at approximately $25,000. North Capital Inc. boosted its stake in shares of Rocket Companies by 287.2% in the second quarter. North Capital Inc. now owns 1,820 shares of the company’s stock valued at $26,000 after buying an additional 1,350 shares during the period. SouthState Corp grew its position in Rocket Companies by 2,044.8% during the second quarter. SouthState Corp now owns 2,059 shares of the company’s stock worth $29,000 after buying an additional 1,963 shares in the last quarter. Miller Wealth Advisors LLC increased its position in shares of Rocket Companies by 65.0% in the third quarter. Miller Wealth Advisors LLC now owns 1,650 shares of the company’s stock worth $32,000 after purchasing an additional 650 shares during the period. Finally, Geneos Wealth Management Inc. bought a new position in Rocket Companies in the 3rd quarter valued at about $38,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

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.