Rocket Companies (NYSE:RKT) CEO Jesse Bray 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 on Monday, November 2nd. The stock was sold at an average price of $13.75, for a total transaction of $3,093,750.00. Following the completion of the sale, the chief executive officer owned 7,503,027 shares of the company’s stock, valued at $103,166,621.25. This represents a 2.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rocket Companies Trading Up 0.1%

Rocket Companies stock opened at $13.79 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.77 and a quick ratio of 4.85. The company has a market capitalization of $39.04 billion, a price-to-earnings ratio of 30.64, a PEG ratio of 4.14 and a beta of 2.27. Rocket Companies, Inc. has a one year low of $10.18 and a one year high of $24.36. The company’s fifty day moving average price is $12.37 and its two-hundred day moving average price is $14.67.

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

Analyst Ratings Changes

Several research firms recently weighed in on RKT. Royal Bank Of Canada reduced their target price on Rocket Companies from $16.00 to $14.00 and set a “sector perform” rating for the company in a report on Friday, October 30th. Weiss Ratings upgraded Rocket Companies from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 8th. Barclays dropped their price target on shares of Rocket Companies from $17.00 to $15.00 and set an “overweight” rating on the stock in a research report on Monday, October 5th. Wells Fargo & Company set a $13.00 price target on shares of Rocket Companies and gave the company an “equal weight” rating in a research report on Tuesday, October 6th. Finally, JPMorgan Chase & Co. boosted 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. Eight investment 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 has an average rating of “Moderate Buy” and an average price target of $18.75.

More Rocket Companies News

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

• Positive Sentiment: Lower Treasury yields helped lift rate-sensitive housing shares, including Rocket, and Barclays reiterated a Buy rating. Article: Rocket Companies Jumps as Treasury Yields Retreat Article: Barclays Remains a Buy on Rocket Companies
• Neutral Sentiment: Traders bought 90,488 call options, about 38% above the average volume. This signals increased options activity, but does not establish whether the stock will rise or fall. Article: Rocket Companies Rating Upgrade
• Negative Sentiment: Coverage highlighted challenges in generating new loan originations and lingering valuation risk. RBC also cut its price target, adding a potential headwind. Article: Rocket Companies Struggling With New Originations Article: RBC Reduces Rocket Companies Price Target
• Negative Sentiment: CEO Jesse Bray sold 225,000 shares for about $3.1 million. The sale was made under a pre-arranged Rule 10b5-1 plan, and he continues to own roughly 7.5 million shares, which tempers the signal. SEC filing for CEO share sale

Hedge Funds Weigh In On Rocket Companies

A number of institutional investors have recently made changes to their positions in RKT. Mirae Asset Global Investments Co. Ltd. acquired a new position in Rocket Companies in the 3rd quarter valued at approximately $27,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Rocket Companies during the 1st quarter worth approximately $34,000. Westside Investment Management Inc. acquired a new stake in shares of Rocket Companies during the 3rd quarter worth approximately $33,000. Summit Securities Group LLC bought a new stake in shares of Rocket Companies during the first quarter valued at approximately $60,000. Finally, IFP Advisors Inc bought a new stake in shares of Rocket Companies during the third quarter valued at approximately $53,000. 4.59% of the stock is currently owned by institutional investors.

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.