Insider Selling: Rocket Companies (NYSE:RKT) CEO Sells $3,093,750.00 in Stock

Rocket Companies, Inc. (NYSE:RKT) CEO Jesse Bray sold 225,000 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $13.75, for a total value of $3,093,750.00. Following the transaction, the chief executive officer directly owned 7,503,027 shares of the company’s stock, valued at approximately $103,166,621.25. The trade was a 2.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rocket Companies Price Performance

Shares of Rocket Companies stock opened at $14.84 on Friday. The firm has a market cap of $42.03 billion, a PE ratio of 32.99, a PEG ratio of 4.54 and a beta of 2.27. The stock has a 50 day moving average of $12.40 and a 200 day moving average of $14.58. The company has a current ratio of 3.77, a quick ratio of 4.85 and a debt-to-equity ratio of 1.02. Rocket Companies, Inc. has a 12 month low of $10.18 and a 12 month high of $24.36.

Rocket Companies (NYSE:RKT) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.58 billion. Rocket Companies had a return on equity of 5.33% and a net margin of 11.14%. The company’s revenue was up 37.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 EPS. On average, research analysts expect that Rocket Companies, Inc. will post 0.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RKT. Weiss Ratings upgraded shares of Rocket Companies from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. Keefe, Bruyette & Woods lowered their price objective on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, August 10th. Royal Bank Of Canada dropped their price objective on shares of Rocket Companies from $16.00 to $14.00 and set a “sector perform” rating for the company in a research note on Friday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Rocket Companies from $12.50 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, October 30th. Finally, Benchmark reduced their target price on shares of Rocket Companies from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.75.

Institutional Investors Weigh In On Rocket Companies

Several institutional investors have recently modified their holdings of the stock. Amundi lifted its position in shares of Rocket Companies by 152.1% during the first quarter. Amundi now owns 13,725,878 shares of the company’s stock worth $195,594,000 after purchasing an additional 8,280,463 shares during the last quarter. Andra AP fonden boosted its stake in shares of 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 during the period. Swiss National Bank boosted its stake in shares of Rocket Companies by 7.2% during the first quarter. Swiss National Bank now owns 2,696,000 shares of the company’s stock valued at $38,418,000 after purchasing an additional 180,500 shares during the period. Maple Rock Capital Partners Inc. boosted its stake in shares of Rocket Companies by 76.9% during the second quarter. Maple Rock Capital Partners Inc. now owns 5,543,600 shares of the company’s stock valued at $87,312,000 after purchasing an additional 2,410,400 shares during the period. Finally, Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of Rocket Companies in the second quarter worth about $67,795,000. 4.59% of the stock is owned by institutional investors.

About Rocket Companies

Rocket Companies, Inc is a Detroit-based financial technology company that operates a portfolio of consumer finance and real estate businesses. Its platform is designed to simplify the homeownership process through digital applications, automated workflows and online customer support.

The company’s principal business is Rocket Mortgage, a residential mortgage lender and servicer offering home purchase, refinance and home equity products. Its broader portfolio includes Rocket Homes, a real estate services platform; Rocket Money, a personal finance app that helps consumers manage subscriptions, budgets and bills; Rocket Loans, which provides personal loans; and Rocket Pro, which supports mortgage brokers and other partners.

Rocket Companies traces its history to 1985, when Dan Gilbert founded Rock Financial.