Copyright © 2021 InvestorPlace Media, LLC All rights reserved 1125 N Charles St, Baltimore, MD 21201

Rocket Companies (NYSE: RKT) go parabolic today, falling more than 30% after rising 71% on Tuesday. RKT stock is trading on a fast and easy today, with more than 157 million trades on the day of writing rapid pace compared to an average daily volume of 1775 million trades

The main catalyst for today’s decline was a note from RBC Capital Markets analyst Daniel Perlin who downgraded RKT stock from “Outperform” to “Sector Performance”. According to that note, risk / reward [in shares of Rocket Companies] now more balanced, if not even downward ”


Rocket Companies stock has been particularly volatile since reporting strong fourth quarter 2020 results and announcing a special dividend on Thursday due to Tuesday’s price movement, RKT stock surged above Perlin’s target price of $ 30 after on A high volume of Reddit mentions was received on Monday, likely due to the high level of short interest in the stock

Wednesday’s decline is also noteworthy because competitor UWM Holdings (NYSE: UWMC) is up more than 10% today, also helped by the increase in US Government bond yields and interest from retail investors This contrast suggests that the bubble surrounding RKT shares may have burst

At the time of publication, Vivian Medithi held (neither directly nor indirectly) positions in the securities referred to in this article

Financial market data from FinancialContent Services, Inc All rights reserved by Nasdaq
Citations were delayed by at least 15 minutes, all others by at least 20 minutes
Copyright ©
2021 InvestorPlace Media, LLC All rights reserved 1125 N Charles St, Baltimore, MD 21201

RKT-Share

World news – FI – RKT-Share: Has an analyst really stopped the Reddit rally in rocket companies?

Source: https://investorplace.com/2021/03/rkt-stock-did-one-analyst-really-stop-the-reddit-rally-in-rocket-companies/