Shares of Rocket Companies Inc.
RKT,
blasted 56.6% higher on very heavy volume in afternoon trading Tuesday, enough to pace all NYSE-listed gainers, and put them on track for a record close. Trading volume was 257.5 million shares, compared with the full-day average of about 13.0 million shares over the past 30 days. The stock is headed for the biggest one-day gain since it went public on Aug. 6, 2020, while volume has already more than doubled the previous record 111.6 million shares on Aug. 6. The stock has now skyrocketed 91.6% over the past three days. The real estate services company, with brands including Rocket Mortgage and Rocket Homes, did not immediately respond to a request for comment. S3 Analytics said there has been a “large amount of short selling” into the stock’s (RKT) recent rally, with short interest interest increasing to 47.9 million shares, or 45.8% of the public float. “RKT’s stock price and short selling activity is reminiscent of another recent highflying ‘meme’ stock — GameStop Inc.,” wrote Ihor Dusaniwsky, managing director of predictive analytics at S3 in a note to clients. The stock has now rallied 80.1% over the past three months, while the S&P 500
SPX,
has tacked on 6.0%.
