Kohl's, Opendoor and Meme
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Meme stock mania returns
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Retail investors have begun to pile into speculative bets on small-cap companies in a buildup that resembles the meme stock frenzy of 2021.
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MarketBeat on MSNWhat's Behind Opendoor Technologies' Rally? Is Meme Mania Back?The term "meme mania" emerged when companies with no apparent reason to rally began to reach stratospheric valuations, making millionaires overnight with no connection to their fundamentals. Four years later,
As of noon Wednesday, the price of Opendoor stock had fallen to $2.05. That’s a drop of nearly 50% in just a few hours of trading.
The ticker $OPEN has been heavily cited on WallStreetBets, the online forum behind the infamous GameStop mania in 2021.
Opendoor Technologies shares surged as much as 24% Tuesday before reversing early gains, as retail investors drove wild swings in the meme stock.
Opendoor Technologies Inc.'s 400% surge fueled by meme-stock hype and short squeeze. Click for why OPEN is a speculative play ahead of earnings on August 5.
Despite that history, the real estate stock caught fire in recent weeks, seemingly as part of a meme stock boom, as chatter around the stock has increased on Reddit's WallStreetBets Page and X.com. Remarkably, the stock is up 160%, even though there have been no noteworthy changes in the company's fundamental business.