Rocket Companies (NYSE:RKT) Share price up 1.6% after insider buying activity

Shares of Rocket Companies, Inc. (NYSE:RKT – Get Rating) rose 1.6% in midday trading Monday following insider buying activity. The stock traded as high as $8.78 and last traded at $8.70. Approximately 41,655 shares were traded during trading, a 99% decline from the average daily volume of 4,951,598 shares. The stock had previously closed at $8.56. Specifically, CEO Jay Farner purchased 31,100 shares of Rocket Companies in a trade dated Friday, June 17. The shares were purchased at an average price of $6.46 per share, with a total value of $200,906.00. Following the purchase, the CEO now owns 2,740,107 shares of the company, valued at $17,701,091.22. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders purchased a total of 778,900 shares of the company worth $6,408,398 over the past ninety days. Insiders own 94.01% of the shares of the company.

RKT has been the subject of several recent analyst reports. Credit Suisse Group cut its price target on shares of Rocket Companies to $9.00 and set a “neutral” rating on the stock in a Thursday, May 19 research note. Wells Fargo & Company downgraded Rocket Companies shares from a “weighted” to an “overweight” rating and set a price target of $10.00 on the stock in a Wednesday July 6 research note . Goldman Sachs Group cut its price target on Rocket Companies shares from $14.00 to $11.50 and set a “neutral” rating on the stock in a Monday, April 4 research note. Citigroup downgraded shares of Rocket Companies from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $14.00 to $8.00 in a Wednesday 11 research note. may. Finally, Royal Bank of Canada lowered its target price on Rocket Companies shares from $18.00 to $9.00 in a Thursday, May 12 report. One equity research analyst gave the stock a sell rating, ten gave the company a hold rating and two gave the company a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $10.96.

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The company has a current ratio of 13.54, a quick ratio of 13.54 and a debt ratio of 1.40. The stock has a 50-day simple moving average of $8.17 and a 200-day simple moving average of $10.58. The company has a market capitalization of $17.14 billion, a PE ratio of 5.16, a PEG ratio of 3.24 and a beta of 1.41.

Rocket Companies (NYSE:RKT – Get Rating) last released quarterly results on Tuesday, May 10. The company reported earnings per share of $0.12 for the quarter, missing the consensus estimate of $0.16 per ($0.04). Rocket Companies had a net margin of 2.16% and a return on equity of 31.45%. The company posted revenue of $1.93 billion for the quarter, versus a consensus estimate of $2.24 billion. In the same quarter of the previous year, the company had earned earnings per share of $0.55. The company’s revenue for the quarter decreased 52.2% compared to the same quarter last year. As a group, stock analysts expect Rocket Companies, Inc. to post 0.26 earnings per share for the current year.

Institutional investors and hedge funds have recently changed their stakes in the company. Sage Private Wealth Group LLC increased its stake in Rocket Companies by 20.7% during the fourth quarter. Sage Private Wealth Group LLC now owns 7,055 shares of the company valued at $98,000 after purchasing an additional 1,211 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Rocket Companies shares by 7.6% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 17,689 shares of the company worth $197,000 after purchasing an additional 1,250 shares last quarter. The Bank of Nova Scotia increased its position in Rocket Companies by 3.3% in the 1st quarter. The Bank of Nova Scotia now owns 61,090 shares of the company worth $679,000 after acquiring an additional 1,953 shares during the period. Teacher Retirement System of Texas raised its position in Rocket Companies by 8.2% in Q1. Teacher Retirement System of Texas now owns 28,571 shares of the company worth $318,000 after acquiring 2,158 additional shares during the period. Finally, Rockefeller Capital Management LP increased its stake in shares of Rocket Companies by 173.2% during the 4th quarter. Rockefeller Capital Management LP now owns 3,500 shares of the company valued at $49,000 after buying 2,219 additional shares in the last quarter. Institutional investors and hedge funds own 3.71% of the company’s shares.

About Rocket Companies (NYSE: RKT)

Rocket Companies, Inc. operates in the technology-driven real estate, mortgage, and e-commerce industries in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The Company’s solutions include Rocket Mortgage, a mortgage lender; Amrock which provides title insurance, real estate appraisal and settlement services; Rocket Homes, a home search platform and realtor referral network, which offers technology services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized, virtual car-selling support to online car-buying platforms; and Rocket Loans, an online personal loan company.

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