Rocket Companies (RKT) CEO Farner Loads Up $500,000 in Stock as Shares Lags on Rising Rates

Rocket Companies (NYSE: RKT) CEO, Jay Farner, bought another larger tranche of stock. After the close, Farner disclosed he bought 46,300 shares from 04/04/22-04/06/22 at prices from $10.24-$11.52. The value of the purchases was about $500,000.

This brings his direct stake to 1,577,607 shares. He also owns another 204,000 through a trust.

Shares of the mortgage lender have lagged since going public in August of 2020 at $18 per share. The stock is down 44% from that point and 23% YTD on rising interest rates.

Yesterday, the average rate on the 30-year fixed mortgage rose to 5%, versus 3.38% a year ago.

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