Opendoor Technologies Inc (OPEN) continued its remarkable ascent, soaring 10% in pre-market trading on Tuesday, July 22, 2025. This surge follows a staggering 43% gain on Monday, as investors continued to pile into the stock that has found a sudden fandom among retail traders and social-media platforms.

Opendoor has been the subject of chatter among retail traders on social media in recent days after Eric Jackson, founder of Toronto-based hedge fund EMJ Capital made a series of posts on social media platform X encouraging buying. It was listed as the topmost actively traded stock on Stocktwits Monday afternoon, and was being heavily cited by posters on Reddit’s WallStreetBets thread.

“Individual investors are partying like it’s 1999,” said Matt Maley, chief strategist at Miller Tabak + Co. “The moves in some of these new meme names is becoming very reminiscent of what we saw in 1999. The move in Opendoor is just the most dramatic.”

He added that the swings were reminiscent of the GameStop era in 2021, when retail traders rallied on platforms like Reddit to buy small, volatile names. The UBS Meme basket — which tracks US stocks that gained popularity via online networks and social media platforms — jumped 4% on Monday, with gains led by Beyond Inc., Beyond Meat Inc., and Virgin Galactic Holdings Inc.

Other large movers among so-called meme stocks include QuantumScape Corp. — rising nearly 200% over the past month, and Bit Mining Ltd. — up 87% over the same period.

Roughly 1.9 billion of Opendoor shares exchanged hands in Monday’s trading, more than 1,700% of the three-month average. Short interest in the stock is roughly 24% of the free float, according to data compiled by S3 Partners.

Options for Opendoor

Options volume for Opendoor shares more than tripled from the previous record Friday to exceed 3.4 million contracts. About half of the volume was in options expiring this Friday. The average trade size in the most-active $4.50 call was just 11 lots, a sign that much of the activity was from retail investors.

Shortly after 3 p.m. New York time, almost 26 million shares changed hands in a minute as prices plunged about a dollar, before trading was halted. Volume continued to be elevated after shares resumed trading.

“Volatility giveth and volatility taketh away,” said Kim Forrest, chief investment officer at Bokeh Capital Partners, adding that massive meme-stock rallies always fade. “For every stock that’s sold, there’s someone on the opposite end buying it. And if there’s a lack of buyers we have a price decline.”

Opendoor made its public market debut in 2020 by merging with a special purpose acquisition company. Its share price has slumped since a boom in early 2021. The stock was down 51% this year before its eye-popping six-day surge.