Opendoor, Parabolic Move
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20hon MSN
We recently published 10 Resilient Stocks Defying Market Sentiment. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of Monday’s biggest gainers. Opendoor Technologies soared for a sixth consecutive day on Monday,
Key Points Opendoor has become the latest "meme stock," with its rally heavily influenced by retail investor enthusiasm.Despite the recent positive momentum in share price, the company faces substantial financial challenges,
Opendoor was a Fortune 500 member in 2022 and 2023 (and Wheeler was a Fortune 500 CEO), but the company has since fallen off the list of America’s largest businesses. An online home buyer and flipper, its fortunes have reversed post-pandemic and after a 2020 SPAC. It came close to being delisted from the Nasdaq earlier this year.
Kohl’s stock more than doubled at its intraday peak Tuesday, then pulled back, a day after Opendoor shares did the same.
Opendoor Technologies' recent rally is driven by meme stock dynamics and short interest, not just fundamentals. Click here to find out why OPEN stock is a Hold.
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Hedge fund manager Eric Jackson suggests that Opendoor's stock price could increase one hundredfold to $82 per share.
1don MSN
Penny stock iBuyer platform Opendoor saw its stock more than double on Monday, before giving up most of these gains in afternoon trading.