Rocket Companies (NYSE:RKT) Trading Down 3.7% on Insider Selling

Rocket Companies, Inc. (NYSE:RKT)’s share price dropped 3.7% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $12.56 and last traded at $12.4750. Approximately 6,949,522 shares changed hands during trading, a decline of 76% from the average session volume of 28,545,367 shares. The stock had previously closed at $12.95.

Specifically, CEO Jesse Bray sold 225,000 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $13.11, for a total value of $2,949,750.00. Following the sale, the chief executive officer owned 7,953,027 shares of the company’s stock, valued at $104,264,183.97. The trade was a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

A number of research analysts have commented on RKT shares. 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. Royal Bank Of Canada reissued a “sector perform” rating and issued a $16.00 target price (up from $15.00) on shares of Rocket Companies in a report on Wednesday, August 12th. Stephens cut their target price on Rocket Companies from $22.50 to $20.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. BTIG Research reiterated a “neutral” rating on shares of Rocket Companies in a research report on Tuesday, June 16th. Finally, Wells Fargo & Company reduced their target price on shares of Rocket Companies from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Rocket Companies has a consensus rating of “Moderate Buy” and a consensus target price of $19.57.

Rocket Companies Trading Down 4.2%

The company has a market cap of $35.13 billion, a price-to-earnings ratio of 89.04, a price-to-earnings-growth ratio of 3.62 and a beta of 2.20. The company has a debt-to-equity ratio of 1.16, a current ratio of 4.85 and a quick ratio of 4.85. The business has a 50 day simple moving average of $13.87 and a 200 day simple moving average of $14.35.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.16 EPS for the quarter, hitting analysts’ consensus estimates of $0.16. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the prior year, the firm earned $0.04 EPS. The company’s revenue was up 91.9% on a year-over-year basis. As a group, equities analysts forecast that Rocket Companies, Inc. will post 0.52 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RKT. Integrated Wealth Concepts LLC grew its holdings in Rocket Companies by 32.8% during the 2nd 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 acquired a new position in shares of Rocket Companies in the 2nd 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 worth $756,000 after acquiring an additional 22,000 shares during the period. Ameritas Advisory Services LLC bought a new stake in Rocket Companies in the 2nd quarter valued at $113,000. Finally, Wedmont Private Capital boosted its stake in Rocket Companies by 28.4% in the 2nd quarter. Wedmont Private Capital now owns 31,319 shares of the company’s stock worth $451,000 after purchasing an additional 6,930 shares during the period. Institutional investors and hedge funds own 4.59% of the company’s stock.

About Rocket Companies

Rocket Companies, Inc is a Detroit-based financial technology company that provides digital platforms and services for homeownership and personal finance. Its flagship business, Rocket Mortgage, originates and services residential mortgage loans through an online application and lending process, serving borrowers across the United States.

The company also operates Rocket Homes, a real estate platform that connects consumers with real estate agents and home-buying resources; Rocket Loans, which provides personal loans; and Rocket Money, a personal finance app designed to help users manage subscriptions, budgeting and other aspects of their financial lives.