Opendoor Technologies, trading under the ticker $OPEN, has experienced a significant surge in trading activity, drawing considerable attention on the online forum WallStreetBets, a platform previously associated with the GameStop stock phenomenon. The increased interest in Opendoor’s stock has been partly fueled by hedge fund manager Eric Jackson, an investor in the company, who has publicly projected that the stock could reach $82 per share.
The sentiment among some investors is reflected in posts such as “HODLTHE($OPEN)DOOR.”
Trading volumes for Opendoor shares saw a dramatic increase, with 1.9 billion shares exchanged on monday. This volume represents a more than 1,700% rise compared to the three-month average, according to data from FactSet.
Approximately 22% of Opendoor’s publicly available shares are currently sold short. This high short interest suggests that short-covering activity may be contributing to the stock’s recent rally. Short sellers often buy back shares to limit their losses when a stock they have bet against experiences a rapid price increase, and this buying pressure can further elevate the stock price.
The rally has also been intensified by heightened activity in options trading for Opendoor. Bespoke Investment Group has identified Opendoor as a prime example of the recent trend of increased optimism in the options market.
“That stock is up 500% in three weeks; total call open interest has tripled over that time period,” Bespoke noted in a client dialog. “Surges in call buying are driving extreme moves higher for a small slice of the market, even as most other stocks drop.”
Opendoor entered the public market in 2020 through a special purpose acquisition company (SPAC) deal, capitalizing on the broader SPAC trend and the market enthusiasm driven by low interest rates and the economic conditions of the COVID-19 era. The company’s buisness model focuses on leveraging technology to facilitate the buying and selling of homes, aiming to profit from the price differences.
: 2025-07-22 20:12:00
