Key Points
- Rocket Companies CEO Jesse Bray sold 132,700 shares at an average price of $12.01, worth approximately $1.59 million. The sale was conducted under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards, reducing his position by 1.67%.
- Rocket’s stock opened at $11.70 and has traded between $11.25 and $24.36 over the past year. In its latest quarter, revenue rose 91.9% year over year to $2.76 billion, while earnings per share met analyst expectations at $0.16.
- Analysts maintain a consensus “Moderate Buy” rating, with nine Buy and nine Hold ratings and an average price target of $19.57, despite several firms recently lowering their targets.
Rocket Companies, Inc. (NYSE:RKT - Get Free Report) CEO Jesse Bray sold 132,700 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $12.01, for a total value of $1,593,727.00. Following the completion of the transaction, the chief executive officer directly owned 7,820,327 shares of the company's stock, valued at $93,922,127.27. This represents a 1.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 Trading Down 2.2%
NYSE RKT opened at $11.70 on Friday. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16. Rocket Companies, Inc. has a twelve month low of $11.25 and a twelve month high of $24.36. The firm has a market capitalization of $33.13 billion, a PE ratio of 83.58, a P/E/G ratio of 3.29 and a beta of 2.23. The stock's 50 day moving average is $13.40 and its 200 day moving average is $14.05.
Rocket Companies (NYSE:RKT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.81 billion. Rocket Companies had a return on equity of 5.13% and a net margin of 4.70%.The firm's revenue for the quarter was up 91.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 earnings per share. Research analysts forecast that Rocket Companies, Inc. will post 0.52 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of analysts have recently weighed in on RKT shares. BTIG Research reaffirmed a "neutral" rating on shares of Rocket Companies in a research report on Tuesday, June 16th. JPMorgan Chase & Co. lowered their price target on shares of Rocket Companies from $15.50 to $14.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. Weiss Ratings lowered shares of Rocket Companies from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Stephens cut their price objective on shares of Rocket Companies from $22.50 to $20.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Finally, Barclays decreased their target price 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. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $19.57.
View Our Latest Stock Report on RKT
Institutional Investors Weigh In On Rocket Companies
Institutional investors have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Rocket Companies during the 2nd quarter valued at about $164,000. Integrated Wealth Concepts LLC grew its stake in shares of Rocket Companies by 32.8% in the second quarter. Integrated Wealth Concepts LLC now owns 142,805 shares of the company's stock worth $2,249,000 after acquiring an additional 35,239 shares during the period. Nykredit A S purchased a new position in shares of Rocket Companies during the second quarter valued at approximately $2,980,000. Greenland Capital Management LP raised its holdings in shares of Rocket Companies by 84.6% during the second quarter. Greenland Capital Management LP now owns 48,000 shares of the company's stock valued at $756,000 after purchasing an additional 22,000 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new position in Rocket Companies during the second quarter valued at approximately $113,000. 4.59% of the stock is owned by hedge funds and other institutional investors.
About Rocket Companies
(
Get Free Report)
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.
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