Kohl's, Opendoor and Meme
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Opendoor stock has soared on meme-trading mania. Some investors believe the stock could be the next Carvana. Buying and holding stocks long term is a better strategy than jumping on soaring meme stocks.
In the span of about a week, Opendoor Technologies Inc. has gone from a struggling former pandemic-era darling to the talk of the U.S. equity market.
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 stock has seen incredible gains recently, but the rally is losing some steam today. The company's valuation surge was driven by backing from a hedge fund manager and meme-stock momentum,
Opendoor stock took off last Monday after Eric Jackson, founder of EMJ Capital, announced his firm had taken a position in the company and said the stock “could be a 100-bagger over the next few years.” The term refers to stocks that return $100 for every $1 invested.
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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.
The ticker $OPEN has been heavily cited on WallStreetBets, the online forum behind the infamous GameStop mania in 2021.