"Here we go again. Meme stock traders, those fickle thrill-seekers of the market, have found a new love interest after ditching their summer fling with Opendoor Technologies ( NASDAQ:OPEN ). The spark was hedge fund manager Eric Jackson of EMJ CapitaBetter Home & Finance Holding ( l anointing NASDAQ:BETR ) as "the Shopify of mortgages." Jackson's declaration lit a fire under BETR stock, sending shares surging 47% on Monday and rallying another 33% higher in noontime trading today."
"Jackson, of course, is no stranger to this rodeo. Back in July, he ignited the meteoric rise in OPEN stock by dubbing it "the next Carvana," ultimately triggering a 1,600% rally from sub-$1 lows to over $10 per share. Pithy associations, it seems, are all that's needed to send meme traders into a frenzy - fundamentals be damned. Unfortunately for OPEN, the honeymoon's over. Those same traders are dumping OPEN shares en masse to chase BETR's glow."
"At its core, Better Homes & Finance is a digitally native homeownership powerhouse, headquartered in New York City. Founded in 2014 by Vishal Garg after a frustrating home-buying experience, the company streamlines the $15 trillion U.S. mortgage industry through AI-powered tools. It originates everything from conforming government-sponsored enterprise (GSE) loans - mortgages from Fannie Mae, Freddie Mac, and Ginnie Mae - to FHA, VA, and jumbo mortgages, selling them to banks, insurers, and REITs. Beyond lending, BETR bundles real estate agent matchmaking"
Meme traders abruptly rotated from Opendoor (NASDAQ:OPEN) into Better Homes & Finance (NASDAQ:BETR), producing rapid, headline-driven price moves. EMJ Capital's Eric Jackson called BETR "the Shopify of mortgages," sparking a 47% intraday surge and an additional 33% rally at midday. Jackson previously labeled Opendoor "the next Carvana," contributing to a 1,600% rally from sub-$1 to over $10 per share. The rotation led to a double-digit decline in OPEN shares as traders chased the new momentum. Better Homes & Finance operates as a digital mortgage originator using AI tools across conforming, FHA, VA, and jumbo loans and sells loans to banks, insurers, and REITs.
Read at 24/7 Wall St.
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