CNBC Pro

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.

More In Street Calls

CNBC ProThese stocks have major upside heading into the second half, Wall Street analysts say
CNBC ProHere are Friday's biggest analyst calls of the day: Apple, FedEx, Coinbase, Honeywell, Micron & more
CNBC ProEnergy stocks are the best bet in the market right now, says JPMorgan