The Opendoor stock surge has actually caught Wall Street completely off guard as shares rocketed from around $0.50 to over $4.80 in just a few weeks, and this created quite an extraordinary 860% rally. This particular Opendoor price rally triggered multiple trading halts while creating what can only be described as an Opendoor share spike that retail investors and short covering dynamics drove in this Opendoor retail frenzy.
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Opendoor Stock Surge: Price Rally, Share Spike, And Trading Halt
Monday’s Trading Chaos
Monday actually exemplified just how volatile this whole Opendoor stock surge has become, with shares gaining about 42% after they had already doubled early in the session. The stock closed at $3.21 on Monday, as Yahoo Finance reveals. The Opendoor price rally reached as much as 115% intraday before it ended up triggering an Opendoor trading halt near 3:00 p.m. ET for around 10 minutes when the stock exceeded Nasdaq’s volatility limits.
The Opendoor share spike continued even despite the halt, and overnight trading actually added another 6.54% gain. This particular Opendoor retail frenzy really mirrors the meme stock phenomena that dominated markets back in 2021.
The Numbers Behind the Rally
The Opendoor stock surge represents one of 2024’s most dramatic comebacks, right now. Shares were gained 188% last week alone, which brought the total rally from recent lows to over 860%. The Opendoor price rally pushed market cap to around $2.34 billion despite the stock remaining far below its February 2021 high of $39.24.
Trading volume actually exploded to over 1.8 billion shares on Monday versus the typical 137 million daily average, and this highlights the intensity of this Opendoor share spike.
What’s Actually Driving the Surge
EMJ Capital’s Eric Jackson provided what seems to be a key catalyst for the Opendoor stock surge, predicting the company would report its first positive EBITDA quarter in August. Jackson, known for spotting Carvana’s turnaround, set an $82 price target for the stock.
The wallstreetbets subreddit has been fueling the Opendoor retail frenzy with speculative posts, while short interest exceeding 25% of the float created what many consider squeeze conditions. The company had actually received a Nasdaq delisting warning in May after trading below $1, making this Opendoor price rally even more remarkable than it already was.
Opendoor uses what they call iBuyer technology to purchase homes for cash, repair them, and then resell for profit. The company settled a class-action lawsuit in June over pricing algorithm disclosures, but the Opendoor trading halt momentum suggests investor optimism about upcoming earnings.
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The Opendoor stock surge continues as retail investors bet on the company’s turnaround potential, with the next test coming in August earnings when management reports whether they actually achieved Jackson’s predicted profitability milestone.