Key Points
- CEO Jesse Bray sold 225,000 shares for about $3.1 million under a pre-arranged Rule 10b5-1 plan, reducing his stake by 2.91%; he still owns roughly 7.5 million shares.
- Rocket reported quarterly EPS of $0.15, beating estimates by one cent, while revenue of $2.57 billion narrowly missed expectations; revenue rose 37.4% year over year.
- Analysts have a “Moderate Buy” consensus and an average price target of $18.75, though reports cited challenges with new loan originations and valuation risk.
Rocket Companies, Inc. (NYSE:RKT - Get Free Report) CEO Jesse Bray sold 225,000 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer directly owned 7,503,027 shares of the company's stock, valued at $103,166,621.25. The trade was a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rocket Companies Price Performance
Shares of Rocket Companies stock opened at $13.79 on Wednesday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 4.85 and a current ratio of 3.77. The firm's 50-day simple moving average is $12.37 and its 200-day simple moving average is $14.67. Rocket Companies, Inc. has a twelve month low of $10.18 and a twelve month high of $24.36. The firm has a market cap of $39.04 billion, a P/E ratio of 30.64, a price-to-earnings-growth ratio of 4.14 and a beta of 2.27.
Rocket Companies (NYSE:RKT - Get Free Report) last posted its earnings results on Thursday, October 29th. The company reported $0.15 earnings per share for the quarter, beating 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 11.14% and a return on equity of 5.33%. The firm's revenue for the quarter was up 37.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 earnings per share. As a group, research analysts expect that Rocket Companies, Inc. will post 0.47 EPS for the current fiscal year.
Institutional Investors Weigh In On Rocket Companies
Several institutional investors have recently added to or reduced their stakes in the stock. Amundi increased its holdings in Rocket Companies by 152.1% during the 1st 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 in the last quarter. Andra AP fonden lifted its stake in Rocket Companies by 48.0% in the 1st quarter. Andra AP fonden now owns 729,357 shares of the company's stock valued at $10,393,000 after acquiring an additional 236,632 shares in the last quarter. Swiss National Bank lifted its stake in Rocket Companies by 7.2% in the 1st quarter. Swiss National Bank now owns 2,696,000 shares of the company's stock valued at $38,418,000 after acquiring an additional 180,500 shares in the last quarter. Maple Rock Capital Partners Inc. boosted its position in Rocket Companies by 76.9% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 5,543,600 shares of the company's stock worth $87,312,000 after acquiring an additional 2,410,400 shares during the last quarter. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new position in Rocket Companies during the 2nd quarter worth approximately $67,795,000. 4.59% of the stock is owned by institutional investors.
Rocket Companies News Summary
Here are the key news stories impacting Rocket Companies this week:
Analysts Set New Price Targets
RKT has been the topic of several research analyst reports. Weiss Ratings raised Rocket Companies from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, October 8th. Keefe, Bruyette & Woods lowered their price target on Rocket Companies from $20.00 to $19.00 and set an "outperform" rating for the company in a report on Monday, August 10th. JPMorgan Chase & Co. raised their price target on Rocket Companies from $12.50 to $13.00 and gave the stock a "neutral" rating in a research report on Friday, October 30th. Barclays cut their price objective on Rocket Companies from $17.00 to $15.00 and set an "overweight" rating on the stock in a report on Monday, October 5th. Finally, Benchmark decreased their price objective on Rocket Companies from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Eight analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.75.
View Our Latest Research Report on RKT
Rocket Companies Company Profile
(
Get Free Report)
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.
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