Opendoor Technologies Inc (OPEN) stock skyrocketed 50% in morning trading on Monday, continuing its remarkable upward trajectory that has seen the stock surge by 188% over the past week. This latest jump comes as retail investors increasingly rally behind a bullish turnaround thesis for the digital real estate platform.

The surge in Opendoor's stock price can be traced back to a pivotal X post on July 14 by Eric Jackson, head of EMJ Capital and an early Carvana bull. Jackson shared an optimistic turnaround thesis for the struggling company, setting a long-term price target of $82 per share. This bold prediction has ignited enthusiasm among retail investors, with trading activity in Opendoor shares soaring by 140% compared to the previous month, according to VandaTrack data.

Investors are betting on several potential catalysts for Opendoor's resurgence. The company is expected to report its first positive EBITDA in August, signaling a potential turning point in its financial performance. Additionally, Opendoor's new strategy of partnering with brokers instead of competing with them has been well-received. With major rivals like Zillow and Redfin exiting the iBuyer space, Opendoor now faces reduced direct competition, fueling hopes of a Carvana-style comeback. As the stock continues its meteoric rise, all eyes will be on Opendoor's upcoming financial results and any strategic announcements that could further propel its turnaround story.