Opendoor Technologies Inc. (ticker: OPEN) has experienced a sharp increase in its stock price, rising from 51 cents on June 25 to over $5 by August 22, marking a more than 10-fold gain in less than two months. The stock surged nearly 32% in a single day and has been among the most active tickers on Stocktwits, with bullish sentiment prevailing. Trading volumes have been substantial, with $750 million worth of shares traded within 20 minutes and $1 billion in shares traded in the first hour on August 26. The stock has shown volatile daily swings throughout the year, including 18 days with gains exceeding 10% and 6 days with gains over 20%, as well as several days with significant declines. Technical analysis highlights key resistance levels at $5.00, $5.41, and $6.00, with some market participants speculating on potential price targets ranging from $8 to $10 and even as high as $82 or $500 per share. The rapid price appreciation has drawn comparisons to the 2021 GameStop short squeeze, with some investors questioning whether OPEN is following a similar trajectory. Despite the volatility, the stock closed above the $5 psychological level and continues to trend prominently on social media platforms. The surge has sparked debate about whether Opendoor represents a transformative future in real estate or a speculative bubble.
$OPEN is trending again today on @Stocktwits as it battles with the $5 level. @newsomenuggets joined Daily Rip Live to share his view on the stock, company, and how it compares to the $GME squeeze from 2021. Do you agree with his assessment and $10 target? 📷 https://t.co/tauECe4403
$1B in OPEN shares traded in the first hour today
The $OPEN PARTY Is Just Beginning feat @ericjackson @rabois @shrisha @APompliano @Drake @carriecwheeler @AshtonJeanty2 https://t.co/Vf236VNrvG