Opendoor Technologies Inc. OPEN stock experienced a 4.55% increase in after-hours trading on Thursday, riding the wave of renewed meme stock mania. Here's all you need to know.
Check out how OPEN stock is trading here.
What Happened: Opendoor’s stock price increased from $2.42 to $2.53 in after-hours trading. This latest gain comes on the heels of a 5.68% rise during normal trading hours, according to Benzinga Pro data.
This recent surge in stock price follows a series of events that have kept the market on its toes. Just a few days ago, Opendoor’s stock was surging amid meme mania, and earlier this week, the stock was recovering from a down day as a growing sense of FOMO fueled a fresh wave of meme stock mania.
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Analysts have pointed to FOMO, or “fear of missing out,” as the driving force behind the resurgence of meme stock mania, with Opendoor leading the charge.
Why It Matters: The recent surge in Opendoor’s stock price is part of a broader trend of meme stock mania that has been sweeping the market. This trend has seen a fresh batch of meme stocks, including Opendoor, Krispy Kreme DNUT, and Kohl’s KSS, dubbed the “DORK,” give Wall Street a masterclass in how gamma squeezes can whip markets into a frenzy.
Amid the rally, insider activity also draws attention. Sydney Schaub, Opendoor's Chief Legal Officer, at an average price of $3.50, sold over 47,000 shares in July across three transactions (July 15, 16, and 21). These sales, along with over 111,000 shares sold in mid-June for tax obligations, were all executed under a pre-arranged Rule 10b5-1 trading plan adopted in 2024.
Despite the volatility, some investors remain unfazed. Eric Jackson, the fund manager credited for sparking Opendoor’s recent surge, shrugged off the “meme stock” hype, stating that Opendoor is a real business.
With the stock’s recent performance, it remains to be seen how the meme stock mania will continue to unfold and what it means for the broader market.
With a strong Momentum in the 82nd percentile, Benzinga's Edge Stock Rankings indicate that OPEN has a positive price trend across all time frames. Know how its momentum lines up with well-known names like Petco Health and Wellness WOOOF and Zillow Gr ZG.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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