Why Rocket Companies Stock Crashed Today
Rocket Companies (NYSE: RKT) plunged 33% on Wednesday after analysts warned that the stock had come too far, too fast.
Rocket's share price surged more than 70% on Tuesday in what appeared to be another Reddit-fueled short squeeze. Yet late last night, RBC Capital analyst Daniel Perlin cut his rating on Rocket's stock from outperform to sector perform and reiterated his $30 price forecast. That was 28% below where Rocket's stock closed yesterday.
Shares of Rocket Companies lost a third of their value on Wednesday. Image source: Getty Images.
Source Fool.com