Despite the enthusiasm, Opendoor has significant financial troubles. The company's top line has plummeted from its height in 2022. The company's current annual run rate is well under a third of its 2022 sales. Opendoor has also never turned a profit and has significant negative cash flow.

Krispy Kreme (DNUT), Opendoor (OPEN), Rocket Mortgage (RKT) and Kohl’s (KSS) had become the meme stocks of the moment, along with a new moniker from traders — “DORK,” a reference to the first letters of their tickers.

Riding a fresh wave of meme stock mania, Opendoor Technologies Inc. (NASDAQ: OPEN) stock surged 4.55% in after-hours trading on July 24.

Shares of Opendoor Technologies ( OPEN -10.44%) have caught fire in the last month. Driven by investors posting online about buying the penny stock, it is now up 325%, with most of the gains coming in the past week.

Meme stocks are typically those that see significant jumps in trading volumes and stock prices, driven by a mix of social media hype, short squeezes, and technical breakouts, despite little to no change in the underlying business fundamentals.

A Meteoric Surge Ignites Hype Opendoor Technologies (NASDAQ:OPEN) is on fire, skyrocketing 75% in midday trading Monday, after a jaw-dropping 188% gain last week, lifting its stock to $3.94 per share.

Opendoor Technologies shares surged as much as 24% Tuesday before reversing early gains, as retail investors drove wild swings in the meme stock.

Opendoor (OPEN) has become the latest meme stock phenomenon, surging 350% in the past month and 100% since hedge fund manager Eric Jackson began promoting it on social media as a potential “100-bagger.