Opendoor was the fourth biggest gainer on the S&P 500 on Friday, when markets rallied on dovish commentary from the central bank.
Opendoor Technologies once again jumped into the spotlight after an impressive 42% rally on Friday, when the markets were buoyed by Federal Reserve Chair Jerome Powell’s comments indicating a potential interest rate cut next month.
Those gains pushed the stock past the key $5 level after two years, with Opendoor settling in at number four among the S&P 500’s top gainers that day.
Opendoor was the top trending ticker on Stocktwits as of late Sunday, with a ‘bullish’ sentiment reading and retail investors salivating for a $10 or higher share price next week.
“$OPEN can we see $10 by the end of this coming week?” remarked one user, one of many that posted bullish forecasts for the stock.
Investors also noted the nearly 4% after-market gains on Friday, well after Powell’s speech and the ensuing market reaction.
Although the fundamentals of Opendoor, a real estate buying and selling platform, would typically react to changes in interest rates, the move in its stock has recently been driven by online commentary, as is often the case with meme stocks.
Shares of Opendoor jumped over 200% in just four days last month after a series of bullish comments by Eric Jackson, founder of EMJ Capital, sparked more optimistic commentary on forums.
More recently, the company’s CEO resigned, triggering a search for a successor, while prominent podcaster Anthony Pompliano revealed a stake and joined the investor enthusiasm around the stock. According to retail investors, the forthcoming CEO appointment could serve as another catalyst for the stock.
Opendoor shares are up 213% year-to-date, far outpacing the approximately 11% gains notched by SPDR S&P 500 Trust (SPY) and Invesco QQQ Trust (QQQ), ETFs that track the benchmark U.S. indices.
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