Overview

• Retail investors propelled Opendoor to its best weekly gain since its 2020 SPAC debut, driving a 189% rally to close at $2.25.
• A viral thesis from EMJ Capital’s Eric Jackson and frenzied activity on X, r/WallStreetBets and StockTwits spurred speculative buying and short covering.
• Opendoor remains unprofitable after its SPAC listing and has reported nearly $370 million in losses over the past four quarters.
• Institutional analysts continue to set price targets below $1 even as retail demand and options volume hit record levels.
• Shareholders will vote on July 28 on a proposed 1-for-10 to 1-for-50 reverse stock split to maintain the company’s Nasdaq listing.