Rocket Companies (NYSE:RKT) CEO Sells $1,143,597.00 in Stock

Rocket Companies, Inc. (NYSE:RKT) CEO Jesse Bray sold 92,300 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $12.39, for a total value 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 position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rocket Companies Price Performance

Shares of NYSE:RKT opened at $11.41 on Thursday. 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 business’s fifty day moving average price is $13.27 and its two-hundred day moving average price is $13.98. The stock has a market cap of $32.31 billion, a PE ratio of 81.51, a price-to-earnings-growth ratio of 3.27 and a beta of 2.23. Rocket Companies, Inc. has a one year low of $10.99 and a one year high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.16. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same period in the previous year, the firm posted $0.04 earnings per share. The business’s revenue for the quarter was up 91.9% compared to the same quarter last year. On average, analysts forecast that Rocket Companies, Inc. will post 0.51 EPS for the current fiscal year.

Institutional Trading of Rocket Companies

A number of hedge funds have recently added to or reduced their stakes in RKT. Manchester Capital Management LLC increased its position in shares of Rocket Companies by 0.5% in the fourth quarter. Manchester Capital Management LLC now owns 116,466 shares of the company’s stock worth $2,255,000 after acquiring an additional 618 shares in the last quarter. Red Door Wealth Management LLC raised its stake in shares of Rocket Companies by 6.7% in the 1st quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company’s stock valued at $159,000 after acquiring an additional 698 shares during the period. Gould Capital LLC lifted its holdings in shares of Rocket Companies by 0.8% during the 4th quarter. Gould Capital LLC now owns 95,166 shares of the company’s stock valued at $1,842,000 after acquiring an additional 733 shares in the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Rocket Companies by 4.2% during the 2nd quarter. Valeo Financial Advisors LLC now owns 20,473 shares of the company’s stock valued at $322,000 after acquiring an additional 823 shares in the last quarter. Finally, NewEdge Wealth LLC boosted its position in Rocket Companies by 9.5% during the 1st quarter. NewEdge Wealth LLC now owns 14,457 shares of the company’s stock worth $206,000 after purchasing an additional 1,253 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RKT has been the subject of several analyst reports. 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. Morgan Stanley upgraded shares of Rocket Companies from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $18.00 to $19.00 in a report on Thursday, July 16th. BTIG Research reissued a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Keefe, Bruyette & Woods reduced their price objective on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, August 10th. Finally, Benchmark decreased their target price on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.29.

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.