"Opendoor Technologies (NASDAQ:OPEN) has become the preeminent meme stock lately, rallying from penny stock territory this past summer to one where its shares have rallied more than tenfold. Overall, the stock has risen 485% this year, rewarding those who stuck with it with substantial gains amid the turmoil of considering a reverse stock split to boost the share price and regain compliance with Nasdaq listing requirements."
"Instead, it gained momentum after hedge fund manager Eric Jackson detailed on social media in July why he viewed Opendoor as a 100-bagger stock . Calling it "the next Carvana," he pointed to its ability to leverage data for AI-based real estate solutions and using its position as the primary surviving iBuyer as the market stabilizes. The rally intensified when Opendoor brought in a new CEO from Shopify (NYSE:SHOP) whose strategy matches Jackson's outlook."
Opendoor rallied from penny-stock territory to more than a tenfold increase, rising 485% year-to-date and becoming a leading meme stock. The company faced the prospect of a reverse stock split to meet Nasdaq listing rules. The housing market remains sluggish and the instant-home-buying business remains unprofitable. Momentum built after hedge fund manager Eric Jackson promoted Opendoor as a potential 100-bagger and highlighted data- and AI-driven real estate advantages and its standing as the primary surviving iBuyer. The rally accelerated after hiring a new CEO from Shopify, who then purchased $1 million of company stock, acquiring 125,000 shares and raising direct ownership above 83 million shares.
Read at 24/7 Wall St.
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