Here's Why Rocket Companies Stock Skyrocketed Today
Shares of Rocket Companies (NYSE: RKT) soared 71% to a new closing high of $41.60 on Tuesday.
After igniting short squeezes that helped drive up the prices of companies such as GameStop (NYSE: GME), AMC Entertainment, and Sundial Growers earlier this year, Reddit's traders appear to have found a new candidate.
More than 45% of Rocket Companies' freely traded shares were sold short as of the market close on Monday, according to S3 Partners. That was apparently enough to entice members of the WallStreetBets Reddit group.
Source Fool.com
