Opendoor Stock Rockets Over 100% in Meme-Like Rally
Opendoor Technologies (OPEN) is in the spotlight again.
The stock soared more than 100% on Monday, continuing a meme stock-style rally that began weeks ago.
After gaining 188% last week, Opendoor has risen from under $0.50 to over $4 in less than a month.
Despite the run, shares remain far below their all-time high of $39.24 set in February 2021.
The surge appears driven by retail traders, bullish investor calls, and renewed speculation across social platforms.
WallStreetBets and Retail Traders Fuel the Rise
Speculative chatter on Reddit’s r/wallstreetbets has helped ignite interest in Opendoor.
Retail volume in the stock has spiked, according to VandaTrack data.
As with past meme stocks like GameStop and AMC, retail investors are flexing their influence.
Speculative bets and FOMO (fear of missing out) are driving intraday price swings and massive volatility.
This retail frenzy is reminiscent of the meme-stock mania that swept through markets in 2021.
EMJ Capital Lays Out the Bull Case for Opendoor
EMJ Capital’s Eric Jackson has been vocal about his bullish stance on Opendoor.
Known for spotting Carvana’s turnaround early, Jackson now sees a similar setup.
In a recent X thread, Jackson predicted Opendoor would post positive EBITDA in August.
He even issued an aggressive price target of $82.
While that would imply massive upside, Opendoor has yet to post a profitable quarter.
Still, bold predictions like these often energize speculative trading.
Opendoor Faces Serious Challenges Despite the Hype
While the momentum is strong, Opendoor faces real risks.
In May, it was warned of a potential Nasdaq delisting after trading below $1 for over 30 days.
In June, the company settled a class-action lawsuit.
The case alleged Opendoor failed to disclose limitations in its pricing algorithm amid housing market shifts.
Despite recent gains, these challenges show that Opendoor’s path forward remains uncertain.
Short Interest at Record Levels for Opendoor
As the stock rose, short interest also surged.
By the end of June, more than 25% of Opendoor’s float was sold short.
This sets up a potential short squeeze scenario.
As meme stocks have shown before, heavily shorted names can see explosive rallies when sentiment flips.
Historical Context and Market Sentiment
Since going public via SPAC in December 2020, Opendoor has struggled to deliver consistent performance.
It remains unprofitable and highly sensitive to changes in the housing market.
Yet with renewed retail attention and vocal backers, Opendoor has found itself in the meme stock spotlight.
Momentum and sentiment are currently driving the stock more than fundamentals.
Final Thoughts on Opendoor’s Volatile Comeback
Opendoor’s recent price action is the latest example of meme-stock mechanics in motion.
Retail traders, bullish catalysts, and high short interest have created a perfect storm.
Whether the rally holds depends on upcoming earnings and the company’s ability to deliver real progress.
Until then, volatility around Opendoor is likely to continue—attracting both risk-takers and skeptics alike.