Rocket joins GameStop as Reddit target

Reddit’s WallStreetBets founder: Would’ve never imagined GameStop stock frenzy could happen

R/WallStreetBets founder Jaime Rogozinski discusses ‘meme stocks,’ the rise of retail investors, Robinhood and his investing tips.

Rocket Companies, the parent of Quicken Loans, is giving GameStop a run for its money in the heavily traded category.

TickerSecurityLastChangeChange %
RKTROCKET COMPANIES INC.32.16-9.44-22.68%
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Shares tumbled over 20% Wednesday and saw at least one trading halt on the New York Stock Exchange. A price of $33.20 per share would be the largest drop on record, according to the Dow Jones Market Data Group.

Ihor Dusaniwksy, Managing Director of Predictive Analytics, which tracks short-selling data, noted Rocket's "stock and short selling activity is reminiscent of another recent high-flying meme stock GameStop."

Shares jumped over 70% Tuesday on no specific news, hitting an all-time high of $41.60 apiece.

The company and symbol $RKT was a topic on Reddit's Wall Street Bets board as was smaller lender UWM Holdings.

TickerSecurityLastChangeChange %
UWMCUWM HLDGS CORP9.66+0.54+5.87%
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Inquiries to the company by FOX Business were not returned. CEO Jay Farner is participating in  Morgan Stanley's 2021 Technology, Media & Telecom Virtual Conference Wednesday.

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Rocket, co-founded by billionaire Dan Gilbert, recently reported record loan origination volume of $320 billion, a 121% jump from the year-ago period, a reflection of a solid business.

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The expanding list of heavily shorted stocks comes as President Biden's pick to run the Securities and Exchange Commission, Gary Gensler, promised to protect investors if confirmed at this week's confirmation hearing.

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