Here's Why Rocket Companies Shares Blasted Off On Monday

Rocket Companies, Inc. RKT shares were trading higher Monday after the company announced it's entering the solar panel industry, focusing on installation and financing.

Rocket Companies said there have been more than 2 million solar installations in the U.S. as of 2020, according to a Solar Energy Industries Assocation and Mackenzie study. 

Rocket Companies CEO Jay Farner said in a press release the company 'is uniquely positioned to build trust and education in solar energy, simplifying the entire process through our platform.'

The company says its Rocket Cloud Force will serve as advisors for the solar industry and will help clients determine if solar panels are the best choice for a customer's home.

Rocket Companies shares were trading up around 4.8% at $18.17 per share on Monday. The stock has a 52-week high of $43 and a 52-week low of $16.22.