Opendoor Technologies (OPEN, Financial) just pulled off one of the wildest comebacks of the year. After a rough stretch that saw the stock down over 50% in 2024, it's suddenly up more than 175% this week alone—fueled by a burst of retail speculation and a timely endorsement from hedge fund manager Eric Jackson. Jackson, who runs Toronto-based EMJ Capital, took to social media last week to call attention to Opendoor's leaner cost structure and push for profitability. That was enough to ignite the crowd. By Friday afternoon, the stock had spiked as much as 39%, setting the stage for its biggest weekly gain ever.
The numbers behind the move are staggering. Roughly 340 million shares traded hands on Friday—more than three times the typical volume. Short interest? About 24% of the free float, according to S3 Partners. That's high enough to spark a classic short squeeze. Options traders swarmed in too, driving call volumes to record highs and pushing implied volatility sharply higher. But not everyone's betting on more upside—put option activity jumped late Friday, hinting that some are positioning for a reversal after this parabolic run.
Opendoor, which went public via SPAC in 2020, had largely fallen off the radar since its pandemic-era boom. But this week's action is a reminder: in a market still shaped by the post-Gamestop playbook, heavily shorted names can explode with the right mix of narrative, volume, and social media fuel. Whether this rally has legs—or ends in a sharp reversal—remains to be seen. For now, Opendoor is back in the spotlight.
