Rocket Companies (NYSE:RKT) Shares Down 3.7% Following Insider Selling

Rocket Companies, Inc. (NYSE:RKT) shares traded down 3.7% during trading on Thursday following insider selling activity. The stock traded as low as $12.56 and last traded at $12.4750. Approximately 6,949,522 shares were traded during mid-day trading, a decline of 76% from the average session volume of 28,545,367 shares. The stock had previously closed at $12.95.

Specifically, CEO Jesse Bray sold 225,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $13.11, for a total value of $2,949,750.00. Following the completion of the sale, the chief executive officer owned 7,953,027 shares in the company, valued at $104,264,183.97. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

Several research analysts have issued reports on the company. 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 report on Wednesday, August 12th. Weiss Ratings lowered shares of Rocket Companies from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Barclays decreased their price objective on shares of Rocket Companies from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods reduced their price objective on Rocket Companies from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, August 10th. Finally, Stephens decreased their price objective on Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.57.

Rocket Companies Stock Performance

The firm has a 50-day simple moving average of $13.87 and a two-hundred day simple moving average of $14.35. The company has a current ratio of 4.85, a quick ratio of 4.85 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $35.13 billion, a price-to-earnings ratio of 89.04, a price-to-earnings-growth ratio of 3.62 and a beta of 2.20.

Rocket Companies (NYSE:RKT) last posted its 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 analysts’ expectations of $2.81 billion. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The company’s revenue was up 91.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.04 earnings per share. As a group, sell-side analysts forecast that Rocket Companies, Inc. will post 0.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nuveen LLC increased its stake in Rocket Companies by 5.5% during the fourth quarter. Nuveen LLC now owns 32,538,137 shares of the company’s stock valued at $629,938,000 after acquiring an additional 1,706,659 shares during the period. Geode Capital Management LLC lifted its position in Rocket Companies by 265.0% in the fourth quarter. Geode Capital Management LLC now owns 15,539,351 shares of the company’s stock worth $299,939,000 after purchasing an additional 11,282,009 shares during the period. Fred Alger Management LLC increased its holdings in Rocket Companies by 67.6% in the 4th quarter. Fred Alger Management LLC now owns 10,190,918 shares of the company’s stock valued at $197,296,000 after buying an additional 4,112,118 shares during the period. Amundi increased its holdings in Rocket Companies by 152.1% in the 1st quarter. Amundi now owns 13,725,878 shares of the company’s stock valued at $195,594,000 after buying an additional 8,280,463 shares during the period. Finally, Norges Bank acquired a new position in shares of Rocket Companies in the 4th quarter valued at $144,207,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Company Profile

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.