Shares in Opendoor Technologies (OPEN) stock are booming during Monday’s trading session, up over 15% on the US stock market. The stock is nearing a new ATH, replicating a rally it saw in early September after it appointed a new COO. Investors were extremely positive of this development, quickly buying into OPEN stock and sending it surging in value last month.
The company also named co-founder Keith Rabois as chairman of the board last month and reappointed to the board co-founder Eric Wu. “Literally, there was only one choice for the job: Kaz. I am thrilled that he will be serving as CEO of Opendoor,” Rabois said. “He is a proven executive with a founder’s brain. He is the right leader to unlock Opendoor’s unique data and assets as we build on Opendoor’s original mission, now enhanced as an AI-first company.” Furthermore, Wu recently made headlines after purchasing $2B in OPEN shares.
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Opendoor Technologies has become something of a meme stock recently, following the path of AMC and GameStop during their stock surges. Opendoor shares are now up over 1,800% since late June, following an influx of individuals on social media who began buying the stock and demanding management changes. The so-called Open Army is a loose collection of retail investors who have turned Opendoor into a fast-rising meme stock.
Despite no big news today, Opendoor stock opened today’s trading with huge gains. Hence, today’s moves may likely be another meme stock bull rally. While the stock has given up most of the rally it saw early in the session, it’s still up 417% across this year’s trading is still trading 17% below its 52-week high of $10.52 from September 2025.