Shares of Rocket Companies, the parent of Quicken Loans, posted its worst day on record.
|RKT||ROCKET COMPANIES INC.||22.12||-0.64||-2.81%|
Shares tumbled over 32% Wednesday and saw at least one trading halt on the New York Stock Exchange.
Rocket is giving GameStop a run for its money in the heavily traded and shorted category.
Ihor Dusaniwksy, Managing Director of Predictive Analytics at S3 Partners, which tracks short-selling data, noted Rocket's "stock and short selling activity is reminiscent of another recent high-flying meme stock GameStop."
The company and symbol $RKT was a topic on Reddit's WallStreetBets board as was smaller lender UWM Holdings.
|UWMC||UWM HLDGS CORP||7.49||-0.09||-1.19%|
Inquiries to the company by FOX Business were not returned. CEO Jay Farner participated in Morgan Stanley's 2021 Technology, Media & Telecom Virtual Conference Wednesday.
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.
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.