Opendoor Technologies Inc (OPEN) is experiencing a dramatic pre-market surge of 19.46% on Thursday, continuing its remarkable week-long rally. This surge is primarily driven by renewed retail investor interest, reminiscent of the 2021 meme stock phenomenon that propelled companies like GameStop and AMC Entertainment to unexpected heights.
The sudden resurgence of interest in Opendoor can be attributed to several factors. Social media platforms, particularly Reddit's WallStreetBets and Stocktwits, have seen a 400% increase in Opendoor-related discussions since Monday. This surge in retail enthusiasm has been accompanied by record-breaking options activity, with approximately 560,000 call contracts traded on Wednesday alone. Additionally, bullish projections from Eric Jackson of EMJ Capital, who suggested the stock could surpass $80 within two years, have further fueled investor optimism.
Despite Opendoor's current trading price being far below its 2021 peak, the company's recent narrower-than-expected losses have sparked renewed interest. The high short interest, accounting for over 25% of the company's float, may also be contributing to the rapid price increase as short sellers scramble to cover their positions. As the market opens, all eyes will be on Opendoor to see if this pre-market surge translates into sustained gains during regular trading hours.
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