Key Points
- CEO Jesse Bray sold 92,300 Rocket Companies shares for approximately $1.14 million at an average price of $12.39. The transaction occurred under a pre-arranged Rule 10b5-1 plan and reduced his stake by 1.18%, leaving him with about 7.73 million shares.
- Rocket shares opened at $11.70 and remain near the lower end of their 52-week range of $11.25 to $24.36. The company’s latest quarterly results met earnings expectations at $0.16 per share, while revenue rose 91.9% year over year to $2.76 billion but fell short of estimates.
- Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $19.43. However, several firms recently reduced their targets, reflecting some caution about the company’s outlook and valuation.
Rocket Companies, Inc. (NYSE:RKT - Get Free Report) CEO Jesse Bray sold 92,300 shares of the business's stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $12.39, for a total value of $1,143,597.00. Following the sale, the chief executive officer directly owned 7,728,027 shares in the company, valued at $95,750,254.53. This trade represents a 1.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rocket Companies Stock Performance
Shares of RKT stock opened at $11.70 on Tuesday. The stock has a fifty day moving average price of $13.36 and a 200 day moving average price of $14.02. The company has a debt-to-equity ratio of 1.16, a quick ratio of 4.85 and a current ratio of 4.85. The stock has a market cap of $33.12 billion, a PE ratio of 83.54, a P/E/G ratio of 3.21 and a beta of 2.23. Rocket Companies, Inc. has a 1 year low of $11.25 and a 1 year high of $24.36.
Rocket Companies (NYSE:RKT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, meeting analysts' consensus estimates of $0.16. The business had revenue of $2.76 billion during 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 business's revenue for the quarter was up 91.9% on a year-over-year basis. During the same quarter last year, the business posted $0.04 earnings per share. Sell-side analysts forecast that Rocket Companies, Inc. will post 0.52 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Rocket Companies
Several hedge funds have recently modified their holdings of RKT. Manchester Capital Management LLC grew its position in Rocket Companies by 0.5% in the 4th quarter. Manchester Capital Management LLC now owns 116,466 shares of the company's stock worth $2,255,000 after purchasing an additional 618 shares during the last quarter. Red Door Wealth Management LLC raised its holdings in shares of Rocket Companies by 6.7% during the first quarter. Red Door Wealth Management LLC now owns 11,138 shares of the company's stock valued at $159,000 after buying an additional 698 shares during the last quarter. Gould Capital LLC raised its holdings in shares of Rocket Companies by 0.8% during the fourth quarter. Gould Capital LLC now owns 95,166 shares of the company's stock valued at $1,842,000 after buying an additional 733 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in shares of Rocket Companies by 4.2% during the second quarter. Valeo Financial Advisors LLC now owns 20,473 shares of the company's stock worth $322,000 after buying an additional 823 shares during the period. Finally, NewEdge Wealth LLC boosted its position in shares of Rocket Companies by 9.5% during the first quarter. NewEdge Wealth LLC now owns 14,457 shares of the company's stock worth $206,000 after buying an additional 1,253 shares during the period. 4.59% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on RKT. Royal Bank Of Canada restated a "sector perform" rating and set a $16.00 target price (up from $15.00) on shares of Rocket Companies in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods lowered their price target on shares of Rocket Companies from $20.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday, August 10th. Weiss Ratings cut shares of Rocket Companies from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Wells Fargo & Company cut their price objective on Rocket Companies from $17.00 to $15.00 and set an "equal weight" rating for the company in a research report on Friday, August 7th. Finally, Stephens reduced their target price on Rocket Companies from $22.50 to $20.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.43.
Get Our Latest Report on Rocket Companies
Rocket Companies News Summary
Here are the key news stories impacting Rocket Companies this week:
- Positive Sentiment: Barclays maintained an “overweight” rating on Rocket Companies, indicating expectations that the shares can outperform. Its revised $15 price target still implies substantial upside from recent trading levels. Rocket Companies Price Target Cut to $15.00 by Analysts at Barclays
- Neutral Sentiment: Sell-side analysts collectively rate RKT “Moderate Buy,” suggesting Wall Street sentiment remains generally constructive despite recent share-price weakness. Rocket Companies Stock Rated Moderate Buy by Sell-Side Analysts
- Negative Sentiment: Barclays lowered its price target from $17 to $15. Although the firm kept its bullish rating, the reduction signals a more cautious outlook for Rocket’s earnings or valuation and can pressure the stock.
- Negative Sentiment: CEO Jesse Bray sold 92,300 shares worth approximately $1.14 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan and represented only 1.18% of his holdings, which reduces its significance, but insider selling can still weigh on investor sentiment. SEC insider transaction filing
Rocket Companies Company Profile
(
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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