Rocket Companies (RKT) Drops Anew on 3rd Day on Fresh Developments

We recently published 10 Stocks Investors Are Dumping. Rocket Companies Inc. (NYSE:RKT) is one of the worst performers on Monday.

Rocket Companies extended its losing streak to a third straight day on Monday, shedding 4.83 percent to close at $16.94 apiece as investors continued to digest the completion of its acquisition of Mr. Cooper Group for $14.2 billion.

Last Wednesday, Rocket Companies Inc. (NYSE:RKT) announced that it officially merged with Mr. Cooper Group, bringing together one of the leading home loan and mortgage service providers in the US.

Following the news, shares of Rocket Companies Inc. (NYSE:RKT) began to decline to have already lost 13.5 percent in just the past three trading days.

The drop may have also been influenced by a leadership change in Rocket Mortgage, with Mr. Cooper CEO Jay Bray emerging as its new president and CEO, directly reporting to Rocket Companies Inc. (NYSE:RKT) CEO Varun Krishna. Bray will also join the listed firm’s board of directors.

Lastly, part of the acquisition will also rebrand Mr. Cooper and all its servicing functions to those under the Rocket umbrella.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.