Rocket Companies (NYSE:RKT) Shares Cross Below Two Hundred Day Moving Average – Time to Sell?

Rocket Companies, Inc. (NYSE:RKT) crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $14.48 and traded as low as $14.18. Rocket Companies shares last traded at $14.4220, with a volume of 31,920,836 shares traded.

Analyst Ratings Changes

RKT has been the subject of several recent analyst reports. Morgan Stanley set a $16.00 target price on Rocket Companies and gave the company an “overweight” rating in a research report on Monday, October 12th. JPMorgan Chase & Co. increased their price target on Rocket Companies from $12.50 to $13.00 and gave the stock a “neutral” rating in a report on Friday, October 30th. Stephens decreased their price target on Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Benchmark dropped their price objective on Rocket Companies from $21.00 to $19.00 and set a “buy” rating for the company in a report on Friday, August 7th. Finally, Keefe, Bruyette & Woods cut their price objective on Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, August 10th. Eight investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.75.

Rocket Companies Stock Down 5.0%

The business’s fifty day moving average is $12.49 and its two-hundred day moving average is $14.45. The company has a market cap of $38.92 billion, a P/E ratio of 30.48, a price-to-earnings-growth ratio of 4.37 and a beta of 2.27. The company has a debt-to-equity ratio of 1.02, a quick ratio of 3.77 and a current ratio of 3.77.

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

Insider Activity

In related news, CEO Jesse Bray sold 225,000 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $13.75, for a total value of $3,093,750.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 675,000 shares of company stock valued at $8,780,824 in the last ninety days. 57.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Amundi increased its stake in shares of Rocket Companies by 152.1% during the first quarter. Amundi now owns 13,725,878 shares of the company’s stock valued at $195,594,000 after buying an additional 8,280,463 shares during the period. Andra AP fonden raised its holdings in shares of Rocket Companies by 48.0% in the first 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 raised its holdings in shares of Rocket Companies by 7.2% in the first 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. lifted its stake in Rocket Companies by 76.9% in the second 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 period. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Rocket Companies in the second quarter worth about $67,795,000. 4.59% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Companies

Rocket Companies is a Detroit-based financial technology company whose businesses help consumers navigate homeownership and personal finance. Its services include mortgage lending and refinancing, online real estate search, title and closing services, and personal loans. Its flagship business, Rocket Mortgage, offers a digital mortgage application and lending process. Other brands include Rocket Homes, which connects homebuyers with real estate services, and Amrock, which provides title, settlement, and valuation services.