#Rocket mortgage stock reddit professional#

I wrote a column back in late January indicating Rocket, the parent of Quicken Loans and Rocket Mortgage, had a 40% short interest exposure then, according to S&P Capital IQ, a data division of S&P Global. Short sellers, including hedge funds, are betting that a battered stock will go down even further and they're hoping to make money as the stock falls in value. It was unclear of the size of the retail interest in Rocket at this time,' CNBC said. 'That makes it a classic target by meme-obsessed investors, who have been storming together this year into shares and call options of heavily shorted companies in order to squeeze out short sellers. companies in terms of size of short bets by hedge funds, according to FactSet. that Rocket was up more than 40% 'in a surprising move on no apparent new news.'ĬNBC said Tuesday: 'The online mortgage provider currently has large short bets placed against it by hedge funds and appears to have garnered some bullish interest from day traders on Reddit’s infamous WallStreetBets.'ĬNBC noted that Rocket is near the top of the list of U.S. More: GameStop gamers battle risk in fight against Wall StreetĬNBC reported Tuesday morning before 11 a.m. More: Why new investors bought stock during the COVID-19 pandemic More: GameStop stock goes wild on Wall Street and we can't stop watching More: In volatile market, Rocket stock is among the heavily shorted More: Rocket Companies reports record $9 billion profit for 2020 Manic market gains in some stocks - including GameStop, BlackBerry, AMC and Bed Bath & Beyond - occurred earlier this year, showing how the power of social media can inflame investors. Rocket stock has been building a buzz on Twitter and Reddit’s WallStreetBets. Playing the Reddit game means looking for fast cash and stretches where a stock can double or triple in value in days for no sensible reason other than a flush of market activity. Tuesday’s jump put Rocket on track for its best day ever since its IPO in August 2020. Rocket reported annual net income, or profit, of $9.4 billion from just under $1 billion the year before. Rocket reported Thursday that it did a record amount of mortgage business in 2020 during what was likely the most profitable year ever for the Detroit-based mortgage lender founded by billionaire and Cleveland Cavaliers owner Dan Gilbert. But it skyrocketed to trade above $42 a share on Tuesday.

Rocket closed at $24.30 on Monday, up $2.45 a share or up 11.2%. But the stock had since pulled back. The stock had closed as low as $19.54 on Jan.

2, Rocket closed at a high of $31.31 a share. 6 when the stock closed at $21.51 a share - up $3.51 a share, or 19.5%, from the IPO price of $18.īack on Sept.

Rocket stock - ticker symbol RKT - began trading on the New York Stock Exchange on Aug.

#Rocket mortgage stock reddit professional#

Rocket Companies - which launched what many viewed as a successful initial public offering back in the summer - has drawn the interest of professional investors who are betting that the stock will tumble in value. 'Folks thinking that the GameStop saga and the sharp rise in interest rates last month would combine to dampen speculative trading in the market may need to reconsider,' Bowles said. 'There seems to be a desire to get into the next GameStop before it happens,' said Boone Bowles, assistant professor of finance at the Mays Business School at Texas A&M University. Where it all ends up, of course, is anyone's guess. Rocket hit a record gain Tuesday as the trading-by-Twitter games continued. Will a stock in a mortgage company - much like one in a beaten-down video game retailer - now soar to the stratosphere simply because Robinhood speculators and others are aiming their arrows at the stocks that the so-called evil hedge fund professionals expect to see fall in price? Rocket fell back some and found itself at $38.05 a share before 3 p.m. Trading was halted briefly due to volatility. Tuesday.Īre we looking at the next GameStop wild ride here with more outlandish gains ahead? Stock in Detroit-based Rocket Companies mirrored the look of a Reddit-induced GameStop rally, as shares climbed a shocking 72% in trading shortly after 2 p.m.