Jesse Bray Sells 225,000 Shares of Rocket Companies (NYSE:RKT) Stock

Rocket Companies, Inc. (NYSE:RKT) CEO Jesse Bray sold 225,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $13.11, for a total transaction of $2,949,750.00. Following the completion of the sale, the chief executive officer owned 7,953,027 shares of the company’s stock, valued at approximately $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 Trading Down 1.7%

Shares of RKT stock traded down $0.22 on Wednesday, hitting $12.97. 61,794,028 shares of the company’s stock traded hands, compared to its average volume of 28,678,512. The stock has a market capitalization of $36.72 billion, a price-to-earnings ratio of 92.63, a P/E/G ratio of 3.69 and a beta of 2.20. The company’s fifty day simple moving average is $13.89 and its 200 day simple moving average is $14.38. Rocket Companies, Inc. has a one year low of $12.17 and a one year 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.

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. 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 during the quarter, compared to analyst estimates of $2.81 billion. During the same period in the prior year, the business posted $0.04 earnings per share. The company’s revenue was up 91.9% on a year-over-year basis. Equities analysts forecast that Rocket Companies, Inc. will post 0.52 EPS for the current year.

Analysts Set New Price Targets

RKT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on Rocket Companies from $15.50 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Benchmark reduced their target price on Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Stephens lowered their target price on Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $16.00 price target (up from $15.00) on shares of Rocket Companies in a research note on Wednesday, August 12th. Finally, Barclays dropped their target price on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.57.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Amundi raised its stake in shares of Rocket Companies by 152.1% in the first quarter. Amundi now owns 13,725,878 shares of the company’s stock worth $195,594,000 after buying an additional 8,280,463 shares during the period. Prescott Group Capital Management L.L.C. bought a new stake in Rocket Companies during the 4th quarter worth approximately $4,259,000. Andra AP fonden lifted its holdings in Rocket Companies by 48.0% during the first quarter. Andra AP fonden now owns 729,357 shares of the company’s stock valued at $10,393,000 after purchasing an additional 236,632 shares in the last quarter. OCO Capital Partners L.P. purchased a new position in Rocket Companies during the fourth quarter valued at approximately $68,728,000. Finally, Swiss National Bank boosted its position in shares of Rocket Companies by 7.2% in the first quarter. Swiss National Bank now owns 2,696,000 shares of the company’s stock worth $38,418,000 after purchasing an additional 180,500 shares during the period. Institutional investors own 4.59% of the company’s stock.

About Rocket Companies

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.