Opendoor Technologies (OPEN.US) has seen a dramatic surge in its share price, gaining 178% over the past week and nearly 600% month-over-month, marking the strongest weekly rally since the company went public in 2020. As of today, shares are trading at $4.14, whereas at the start of July, they were priced at $0.50–$0.60. Despite this explosive growth, the stock remains far below its February 2021 all-time high of over $39, and year-to-date performance had been negative until this recent rebound.
The rally was sparked by hedge fund manager Eric Jackson, who publicly endorsed Opendoor on social media, calling it a potential “100-bagger” (a company that could increase in value 100-fold). His firm, EMJ Capital, invested when the shares were still trading in cents, and Jackson’s frequent posts on X.com have ignited enthusiasm among retail investors. The surge has meme-stock characteristics — high short interest (18.63%), speculative trading, and no fundamental improvement in financials — as Opendoor remains unprofitable, operates on thin margins, and faces weak near-term growth prospects.
Founded in 2014 and headquartered in San Francisco, Opendoor is a digital real estate platform that simplifies the process of buying and selling homes online. The company provides instant cash offers, renovates properties, and then resells them via its own platform. It also offers financing and mobile services. At its peak, Opendoor was valued at over $22.5 billion, but later incurred substantial losses due to rising interest rates and a broader housing market slowdown.
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