Insider Selling: Rocket Companies (NYSE:RKT) CEO Sells 225,000 Shares of Stock

Rocket Companies, Inc. (NYSE:RKT) CEO Jesse Bray sold 225,000 shares of the company’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $13.75, for a total value of $3,093,750.00. Following the completion of the sale, the chief executive officer owned 7,503,027 shares in the company, valued at $103,166,621.25. The trade was a 2.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rocket Companies Stock Performance

NYSE:RKT traded up $0.02 during trading hours on Tuesday, reaching $13.79. The company had a trading volume of 71,881,671 shares, compared to its average volume of 30,640,473. Rocket Companies, Inc. has a 1-year low of $10.18 and a 1-year high of $24.36. The firm has a market cap of $39.04 billion, a PE ratio of 30.64, a price-to-earnings-growth ratio of 3.46 and a beta of 2.23. The business’s 50 day moving average price is $12.37 and its 200-day moving average price is $14.71. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.85.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, October 29th. The company reported $0.15 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 analysts’ expectations of $2.58 billion. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The business’s revenue was up 37.4% on a year-over-year basis. During the same quarter last year, the company earned $0.07 EPS. Research analysts forecast that Rocket Companies, Inc. will post 0.47 EPS for the current year.

Rocket Companies News Roundup

Here are the key news stories impacting Rocket Companies this week:

• Positive Sentiment: Barclays maintained its Buy rating, providing a supportive analyst signal, though the headline does not cite a new change to its outlook. Barclays Remains a Buy on Rocket Companies
• Positive Sentiment: Third-quarter results helped support shares: Rocket reported earnings of $0.15 per share, above the $0.14 consensus, while revenue rose 37.4% year over year to $2.57 billion. Revenue was slightly below analysts’ expectations. Rocket Companies Q3 Results Fuel Stock Rally As Valuation Risk Lingers
• Positive Sentiment: Falling Treasury yields sparked a rally in rate-sensitive housing stocks, including Rocket, offering a favorable market backdrop for mortgage activity. Rocket Companies Jumps as Treasury Yields Retreat
• Neutral Sentiment: Call-option volume was about 38% above its average on Monday, suggesting heightened bullish positioning, though options activity alone does not establish the direction of future shares.
• Negative Sentiment: One analysis highlighted difficulty generating new mortgage originations, a concern because sustained loan volume is important to growth. Rocket Companies: Struggling With New Originations
• Negative Sentiment: Royal Bank of Canada cut its price target, adding to caution about upside. Separately, the earnings coverage flagged valuation risk, which may temper enthusiasm despite the quarterly beat. Royal Bank of Canada Reduces Price Target The Market Looked Past the Headline Upgrade

Wall Street Analyst Weigh In

RKT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Rocket Companies from $12.50 to $13.00 and gave the company a “neutral” rating in a report on Friday. Wells Fargo & Company set a $13.00 target price on Rocket Companies and gave the company an “equal weight” rating in a research report on Tuesday, October 6th. Benchmark cut their price target on Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Royal Bank Of Canada reduced their price target on Rocket Companies from $16.00 to $14.00 and set a “sector perform” rating for the company in a report on Friday. Finally, Weiss Ratings upgraded Rocket Companies from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. Eight research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.75.

Institutional Trading of Rocket Companies

Several institutional investors have recently modified their holdings of the stock. Pictet Asset Management Holding SA grew its holdings in Rocket Companies by 14.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 337,614 shares of the company’s stock valued at $3,886,000 after buying an additional 42,570 shares in the last quarter. Alps Advisors Inc. acquired a new stake in shares of Rocket Companies in the 3rd quarter worth $179,000. CenterBook Partners LP increased its stake in shares of Rocket Companies by 74.8% in the 3rd quarter. CenterBook Partners LP now owns 55,710 shares of the company’s stock worth $641,000 after acquiring an additional 23,834 shares during the last quarter. Westside Investment Management Inc. purchased a new position in shares of Rocket Companies during the 3rd quarter worth $33,000. Finally, Kestra Advisory Services LLC raised its holdings in shares of Rocket Companies by 44.0% during the 3rd quarter. Kestra Advisory Services LLC now owns 65,040 shares of the company’s stock worth $749,000 after acquiring an additional 19,873 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

Rocket Companies Company Profile

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.