Opendoor Technologies Inc (OPEN) shares soared 5.37% in pre-market trading on Friday, as the real estate technology company found itself at the center of a resurgent meme stock phenomenon. The dramatic uptick comes amid a broader revival of speculative trading activity that has swept through the market in recent days.

Several factors appear to be driving Opendoor's sudden surge. Firstly, the stock has gained significant traction among retail investors on social media platforms like Reddit's WallStreetBets, with some drawing comparisons to the meteoric rise of Carvana. This renewed interest has led to increased buying pressure from individual traders coordinating their efforts online.

Adding fuel to the fire is Opendoor's high short interest, reported at 21.4% of float. This elevated level of short selling has set the stage for potential short squeezes, as bearish investors may be forced to cover their positions if the stock continues to climb. The combination of social media buzz and high short interest has created a volatile cocktail reminiscent of the original meme stock craze.

Further boosting investor confidence, Eric Jackson, founder of EMJ Capital, publicly announced last week that his fund had taken a position in Opendoor. Jackson's bullish stance, including a long-term price target of $82, has lent credibility to the stock's upward momentum. However, it's worth noting that Opendoor still faces significant challenges, including ongoing unprofitability and headwinds in the real estate market.

As the meme stock trend continues to evolve, market participants will be closely watching Opendoor and similar stocks to see if they can maintain their momentum. While the current surge is impressive, investors should approach with caution, as the extreme volatility characteristic of meme stocks often leads to significant pullbacks following rapid gains.