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Meme stocks are back in the spotlight and attracting much more attention and interest in July. Opendoor, as a hyped real estate stock, is definitely eye-catching.
The online real estate startup Opendoor Technologies, which had been trading mostly under $1 this year, raised sudden attention among retail traders, who pushed up the stock price by threefold in days, hitting a high of $4.97 during trading session 0f Jul 21 and closed the day at $3.21 with trading halted multiple times due to volatility. Trading volumes exploded with 1.9 billion of Opendoor shares exchanging hands on Monday, more than 1,700% of the three-month average. Its meteoric rally pushed the stock up by 400% in July alone.
Opendoor’s business involves using technology to buy and sell homes, pocketing the gains. When Opendoor went public through a SPAC in 2020, it was riding a SPAC wave and broader gains driven by low interest rates and Covid-era market euphoria.
This round bull run is pushed by hedge fund manager Eric Jackson, who is an investor in Opendoor, started touting the stock, saying it can reach $82 a share. The comment spurred retail traders' enthusiasm, also the ticker $OPEN has been heavily cited on online forum WallStreetBets.
The surge of Opendoor is the fresh sign that MEME trade is back, reflecting the retail traders' enthusiasm to chase a small piece of stocks. Surges in call buying are driving extreme moves higher for a small slice of the market, even as most other stocks drop. On the flip side, maybe the comeback of Meme stocks is a warning sign of overheating for the markets.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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