Rocket Companies, Inc. (NYSE:RKT – Get Free Report) CEO Jesse Bray sold 225,000 shares of the business’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $13.75, for a total transaction of $3,093,750.00. Following the completion of the transaction, the chief executive officer owned 7,503,027 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rocket Companies Trading Up 0.1%
Shares of Rocket Companies stock traded up $0.02 during mid-day trading on Tuesday, hitting $13.79. The stock had a trading volume of 71,881,671 shares, compared to its average volume of 30,640,473. The firm has a 50-day moving average of $12.37 and a two-hundred day moving average of $14.71. Rocket Companies, Inc. has a 12-month low of $10.18 and a 12-month high of $24.36. The company has a quick ratio of 4.85, a current ratio of 4.85 and a debt-to-equity ratio of 1.16. The firm has a market cap of $39.04 billion, a P/E ratio of 30.64, a price-to-earnings-growth ratio of 3.46 and a beta of 2.23.
Rocket Companies (NYSE:RKT – Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.58 billion. Rocket Companies had a net margin of 4.70% and a return on equity of 5.13%. The business’s revenue was up 37.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.07 EPS. Sell-side analysts forecast that Rocket Companies, Inc. will post 0.47 earnings per share for the current year.
Institutional Trading of Rocket Companies
Institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in Rocket Companies during the third quarter worth $27,000. Westside Investment Management Inc. acquired a new stake in shares of Rocket Companies in the third quarter valued at $33,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Rocket Companies in the first quarter valued at $34,000. IFP Advisors Inc purchased a new stake in shares of Rocket Companies in the 3rd quarter valued at $53,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Rocket Companies in the 1st quarter valued at $60,000. Institutional investors and hedge funds own 4.59% of the company’s stock.
Key Rocket Companies News
Here are the key news stories impacting Rocket Companies this week:
- Positive Sentiment: Barclays maintained its Buy rating, providing a supportive analyst signal, though the headline does not cite a new change to its outlook. Barclays Remains a Buy on Rocket Companies
- Positive Sentiment: Third-quarter results helped support shares: Rocket reported earnings of $0.15 per share, above the $0.14 consensus, while revenue rose 37.4% year over year to $2.57 billion. Revenue was slightly below analysts’ expectations. Rocket Companies Q3 Results Fuel Stock Rally As Valuation Risk Lingers
- Positive Sentiment: Falling Treasury yields sparked a rally in rate-sensitive housing stocks, including Rocket, offering a favorable market backdrop for mortgage activity. Rocket Companies Jumps as Treasury Yields Retreat
- Neutral Sentiment: Call-option volume was about 38% above its average on Monday, suggesting heightened bullish positioning, though options activity alone does not establish the direction of future shares.
- Negative Sentiment: One analysis highlighted difficulty generating new mortgage originations, a concern because sustained loan volume is important to growth. Rocket Companies: Struggling With New Originations
- Negative Sentiment: Royal Bank of Canada cut its price target, adding to caution about upside. Separately, the earnings coverage flagged valuation risk, which may temper enthusiasm despite the quarterly beat. Royal Bank of Canada Reduces Price Target The Market Looked Past the Headline Upgrade
Analysts Set New Price Targets
RKT has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their target price on Rocket Companies from $12.50 to $13.00 and gave the stock a “neutral” rating in a research note on Friday. Stephens decreased their price target 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. Morgan Stanley set a $16.00 price target on Rocket Companies and gave the stock an “overweight” rating in a report on Monday, October 12th. Wells Fargo & Company set a $13.00 price objective on Rocket Companies and gave the stock an “equal weight” rating in a research report on Tuesday, October 6th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Rocket Companies from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, August 10th. Eight analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.75.
Read Our Latest Stock Report on Rocket Companies
Rocket Companies Company Profile
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.
Featured Stories
- Five stocks we like better than Rocket Companies
- Marriott’s Earnings Beat Shows Why It’s More Than a Bet on Travel Demand
- Franklin Templeton’s New ETFs Turn Stock Dividends Into Bitcoin—What’s the Catch?
- Apple’s Earnings Beat Comes With a Catch for Investors Heading Into the Holidays
- Palantir’s $2.3 Billion Quarter Puts Its Premium Valuation to the Test
Receive News & Ratings for Rocket Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rocket Companies and related companies with MarketBeat.com's FREE daily email newsletter.
