Rocket Companies (NYSE:RKT) CEO Jesse Bray Sells 92,300 Shares of Stock

Key Points

• CEO Jesse Bray sold 92,300 Rocket Companies shares at an average price of $12.39, generating approximately $1.14 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, leaving him with 7.73 million shares.
• Rocket Companies shares recently traded near $11.70, close to their 12-month low of $11.25 and well below the 12-month high of $24.36. The stock has a consensus “Moderate Buy” rating and an average analyst price target of $19.43.
• The company reported quarterly earnings of $0.16 per share, in line with estimates, while revenue rose 91.9% year over year to $2.76 billion, slightly below consensus expectations.

Rocket Companies, Inc. (NYSE:RKT - Get Free Report) CEO Jesse Bray sold 92,300 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $12.39, for a total transaction of $1,143,597.00. Following the sale, the chief executive officer owned 7,728,027 shares of the company's stock, valued at approximately $95,750,254.53. This represents a 1.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rocket Companies Stock Performance

Rocket Companies stock traded down $0.01 during midday trading on Monday, hitting $11.70. 27,019,622 shares of the company's stock were exchanged, compared to its average volume of 29,629,986. 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 price-to-earnings ratio of 83.54, a price-to-earnings-growth ratio of 3.21 and a beta of 2.23. Rocket Companies, Inc. has a 12-month low of $11.25 and a 12-month high of $24.36. The firm's 50 day simple moving average is $13.40 and its 200 day simple moving average is $14.04.

Rocket Companies (NYSE:RKT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter in the prior year, the firm earned $0.04 earnings per share. The business's quarterly revenue was up 91.9% compared to the same quarter last year. Equities research analysts predict that Rocket Companies, Inc. will post 0.52 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RKT shares. Barclays dropped their target price on Rocket Companies from $17.00 to $15.00 and set an "overweight" rating on the stock in a report on Monday. Weiss Ratings lowered shares of Rocket Companies from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, August 21st. Morgan Stanley raised shares of Rocket Companies from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $18.00 to $19.00 in a research note on Thursday, July 16th. Royal Bank Of Canada restated a "sector perform" rating and set a $16.00 price objective (up from $15.00) on shares of Rocket Companies in a research report on Wednesday, August 12th. Finally, Benchmark reduced their target price on shares of Rocket Companies from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.43.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nuveen LLC lifted its position in shares of Rocket Companies by 5.5% during the 4th quarter. Nuveen LLC now owns 32,538,137 shares of the company's stock valued at $629,938,000 after acquiring an additional 1,706,659 shares during the period. Amundi increased its stake in Rocket Companies by 152.1% in the 1st quarter. Amundi now owns 13,725,878 shares of the company's stock valued at $195,594,000 after purchasing an additional 8,280,463 shares in the last quarter. Fred Alger Management LLC raised its holdings in Rocket Companies by 67.6% during the fourth quarter. Fred Alger Management LLC now owns 10,190,918 shares of the company's stock worth $197,296,000 after purchasing an additional 4,112,118 shares during the last quarter. Wellington Management Group LLP boosted its position in Rocket Companies by 64.5% during the second quarter. Wellington Management Group LLP now owns 9,029,295 shares of the company's stock worth $142,211,000 after purchasing an additional 3,541,916 shares in the last quarter. Finally, Wolf Hill Capital Management LP boosted its position in Rocket Companies by 186.8% during the fourth quarter. Wolf Hill Capital Management LP now owns 7,221,758 shares of the company's stock worth $139,813,000 after purchasing an additional 4,703,760 shares in the last quarter. 4.59% of the stock is currently owned by institutional investors and hedge funds.

Rocket Companies Company Profile

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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