Insider Selling: Rocket Companies (NYSE:RKT) CEO Sells $1,593,727.00 in Stock

Rocket Companies, Inc. (NYSE:RKT) CEO Jesse Bray sold 132,700 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $12.01, for a total transaction of $1,593,727.00. Following the transaction, the chief executive officer directly owned 7,820,327 shares in the company, valued at approximately $93,922,127.27. The trade was a 1.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 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 Stock Up 0.0%

RKT stock opened at $11.70 on Monday. The firm’s 50-day moving average is $13.40 and its two-hundred day moving average is $14.04. The company has a market capitalization of $33.13 billion, a price-to-earnings ratio of 83.58, a price-to-earnings-growth ratio of 3.21 and a beta of 2.23. Rocket Companies, Inc. has a 52 week low of $11.25 and a 52 week high of $24.36. The company has a current ratio of 4.85, a quick ratio of 4.85 and a debt-to-equity ratio of 1.16.

Rocket Companies (NYSE:RKT) last posted its quarterly earnings data 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 analysts’ expectations of $2.81 billion. During the same period last year, the firm posted $0.04 earnings per share. The business’s revenue was up 91.9% on a year-over-year basis. On average, analysts forecast that Rocket Companies, Inc. will post 0.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RKT. Wells Fargo & Company lowered their price target on Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. Morgan Stanley raised Rocket Companies from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $18.00 to $19.00 in a research note on Thursday, July 16th. Stephens lowered their target price on Rocket Companies from $22.50 to $20.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Weiss Ratings cut shares of Rocket Companies from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Finally, JPMorgan Chase & Co. cut their price target on shares of Rocket Companies from $15.50 to $14.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.57.

Institutional Investors Weigh In On Rocket Companies

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cassaday & Co Wealth Management LLC acquired a new position in shares of Rocket Companies in the 1st quarter worth $34,000. Summit Securities Group LLC purchased a new stake in shares of Rocket Companies during the first quarter valued at $60,000. Hilltop National Bank boosted its position in shares of Rocket Companies by 44,581.8% in the 2nd quarter. Hilltop National Bank now owns 4,915 shares of the company’s stock valued at $77,000 after purchasing an additional 4,904 shares during the period. Centaurus Financial Inc. acquired a new position in shares of Rocket Companies in the 1st quarter valued at $101,000. Finally, Jessup Wealth Management Inc purchased a new position in Rocket Companies in the 4th quarter worth about $107,000. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Company Profile

Rocket Companies, Inc is a Detroit-based 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.