Rocket shares downgraded by RBC because of 'abnormal' trading activity

The Rocket Mortgage by Quicken Loans app is displayed on a smartphone Aug. 6, 2020.
Gabby Jones | Bloomberg via Getty Images

The recent surge in shares of Rocket Companies has gone far enough for one formerly bullish Wall Street analyst.

Shares of the mortgage company rose 71% on Tuesday, putting its stock price above $41 per share. The spike appeared to be related to the company's high short interest and Reddit chatter, mirroring the dramatic moves earlier this year for GameStop and AMC Entertainment.