Short Sellers Lost Almost $1 Billion on Rocket Companies Yesterday

As Rocket Companies jumped over 70% yesterday, short sellers are feeling the pain:

A surge in the shares of U.S. mortgage provider Rocket Companies on Tuesday is estimated to have inflicted losses of $813 million on short-sellers, data from financial analytics firm Ortex showed.

More here.

Given that this is one of the most shorted stocks in the market and yet has big profits, I could see short sellers losing even more on this one. How long until they give up and frantically cover their bets to avoid the fate of Melvin Capital?

For more on Rocket Companies and Wallstreetbets, check out these posts:

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Photo: “Key West, Feb 2012 – 08” by Ed Yourdon is licensed under CC BY-NC-SA 2.0

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