Insider Selling: Rocket Companies (NYSE:RKT) CEO Sells 132,700 Shares of Stock

Rocket Companies, Inc. (NYSE:RKT) CEO Jesse Bray sold 132,700 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $12.01, for a total value of $1,593,727.00. Following the completion of the sale, the chief executive officer owned 7,820,327 shares in the company, valued at $93,922,127.27. This trade represents a 1.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rocket Companies Price Performance

Rocket Companies stock traded down $0.27 during midday trading on Friday, hitting $11.70. 39,087,496 shares of the company’s stock were exchanged, compared to its average volume of 29,643,492. Rocket Companies, Inc. has a 52-week low of $11.25 and a 52-week high of $24.36. The stock has a 50-day moving average price of $13.43 and a two-hundred day moving average price of $14.06. 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 company has a market cap of $33.13 billion, a P/E ratio of 83.58, a PEG ratio of 3.16 and a beta of 2.23.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The company’s revenue for the quarter was up 91.9% on a year-over-year basis. During the same quarter last year, the company posted $0.04 EPS. On average, equities research analysts forecast that Rocket Companies, Inc. will post 0.52 earnings per share for the current year.

Analysts Set New Price Targets

RKT has been the topic of a number of research analyst reports. Morgan Stanley raised Rocket Companies from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $18.00 to $19.00 in a research note on Thursday, July 16th. Benchmark decreased their price objective on Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, August 7th. BTIG Research restated a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Stephens reduced their price target on shares of Rocket Companies from $22.50 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Finally, Weiss Ratings cut shares of Rocket Companies from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.57.

Institutional Trading of Rocket Companies

Several large investors have recently added to or reduced their stakes in RKT. Amundi raised its position in shares of Rocket Companies by 152.1% in the 1st quarter. Amundi now owns 13,725,878 shares of the company’s stock worth $195,594,000 after acquiring an additional 8,280,463 shares in the last quarter. Norges Bank purchased a new stake in Rocket Companies in the fourth quarter worth $144,207,000. Basswood Capital Management L.L.C. grew its stake in Rocket Companies by 1,881.3% in the fourth quarter. Basswood Capital Management L.L.C. now owns 5,475,110 shares of the company’s stock worth $105,998,000 after purchasing an additional 5,198,776 shares during the period. Assenagon Asset Management S.A. bought a new position in Rocket Companies in the second quarter worth $74,874,000. Finally, Wolf Hill Capital Management LP lifted its position in Rocket Companies by 186.8% during the fourth quarter. Wolf Hill Capital Management LP now owns 7,221,758 shares of the company’s stock valued at $139,813,000 after buying an additional 4,703,760 shares during the period. Institutional investors own 4.59% of the company’s stock.

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.