Why Rocket Plummeted 21.1% in May
Rocket Companies (NYSE: RKT) had a failure to launch in May as its share price fell 21.1.% for the month, according to S&P Global Market Intelligence. But the mortgage lender has bounced back with a 10% gain in June. The stock price is currently up about 15% year to date, as of June 9, trading at $22 per share.
Rocket, the nation's leading home mortgage lender, went public last August and it has been a wild ride. In March, Rocket blasted off, pumped in part through some online trading communities, and hit a high of $41 per share in a span of days, only to come crashing back down to about $24 per share. It stayed in that range through most of March and April, but then in May it began a gradual 21% decline, hitting a low of $16 per share. So, what happened?
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Source Fool.com
