Opendoor Technologies shares surged as much as 25% to $3.03 on Thursday, continuing a recent winning streak that has seen the stock climb approximately 60% in just five days. The real estate technology company, which gained traction this summer amid a rally in a new wave of “meme stocks,” is now up 84% year-to-date.
The latest gains appear driven by renewed attention from influential investors. On August 12, tech entrepreneur Anthony Pompliano announced he had purchased Opendoor shares, citing the growing influence of retail investors as a key reason for his optimism. “I believe retail investors are a powerful force in financial markets,” he stated in a post on X. “They can help a company grow, generate new ideas, and bring valuable attention to a narrative.”
Adding to the momentum is hedge fund manager Eric Jackson, who was instrumental in sparking the stock’s rally in early July with a bullish thesis. Jackson has recently adopted a more activist stance, publicly criticizing CEO Carrie Wheeler and stating in an interview that he would be open to joining Opendoor’s board to push for corporate changes.
This renewed focus from prominent backers has reignited discussion among retail traders. According to sentiment tracker Ape Wisdom, mentions of Opendoor on Reddit’s investing forums have increased by 234% in the last 24 hours.
Investor excitement is partly fueled by Jackson’s successful 2023 call on Carvana. He endorsed the online used-car retailer when it was trading below $5 per share; it now trades above $340. Regarding his position in Opendoor, Jackson told Business Insider last month that he is committed for the long term, stating, “I’m not here to pump up a stock and jump out of it.”
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