Opendoor Stock Soars 115% on Meme Trading Frenzy

Opendoor Technologies (OPEN) stock surged as much as 115% in a single day and gained 188% over the past week, driven by retail traders and a bullish call from EMJ Capital's Eric Jackson, who predicted imminent profitability and set a long-term target of $82 per share. The rally is reminiscent of meme stock movements, with speculative interest from platforms like WallStreetBets. Despite the surge, shares remain well below the 2021 peak, and Opendoor has yet to post a profitable quarter since its 2020 SPAC debut. The company recently settled allegations of inadequate disclosure about its pricing algorithm and previously faced warnings of a potential Nasdaq delisting. Analysts remain cautious, citing overvaluation and ongoing housing market headwinds, with recent downgrades and price target cuts. Opendoor plans a reverse stock split and a $325 million debt offering to strengthen its balance sheet and maintain its listing.