Opendoor Technologies saw its shares slide over 10% on Tuesday after a sudden threefold surge in days. The online real estate startup’s stock price jumped 24% earlier in the day and 42% on Monday, with trading halted multiple times due to volatility.
The speculative run was focused on Kohl’s, with its shares closing up nearly 38%. Half of Kohl’s float shares are sold short, according to FactSet. Opendoor’s share price reached $4.97 during Monday’s session and closed at $3.21 apiece, pushing the stock up by 400% in July alone.
The ticker $OPEN gained traction on WallStreetBets, with hedge fund manager Eric Jackson touting the stock, saying it can reach $82 a share. Trading volumes exploded, with over 1.9 billion shares exchanging hands on Monday. About 22% of Opendoor’s available shares are sold short, which could be at play during this run.
Heightened options trading intensified the rally, with Bespoke Investment Group calling Opendoor a “poster child” for the recent wave of options market optimism. The company’s business involves using technology to buy and sell homes, pocketing gains.
Opendoor went public through a special purpose acquisition company in 2020, riding a SPAC wave and broader gains driven by low interest rates and Covid-era market euphoria.
Source: https://www.cnbc.com/2025/07/22/opendoor-leads-meme-stock-redux-on-wall-street-with-shares-tripling-in-one-week.html