Opendoor (OPEN) Stock Surges to $9 Amid Housing Market Optimism and Institutional Interest

Opendoor's stock staged a remarkable recovery, climbing 16% during regular trading and an additional 10% in after-hours sessions, reaching the $9 threshold. The rally follows a steep decline, fueled by renewed Optimism in the housing market and a significant institutional stake.

New data from the U.S. Census Bureau and the Department of Housing and Urban Development revealed a 20.5% monthly surge in new single-family home sales, alongside a 15.4% annual increase. For Opendoor, whose business model thrives on transaction volumes, this signals potential revenue tailwinds after a prolonged slump.

Jane Street Group's 13G filing disclosed a 44 million-share position, representing 5.9% of outstanding stock. Such institutional endorsement often serves as a bullish signal for retail investors. Yet skepticism persists—KBW analyst Ryan Tomasello maintains a Sell rating with a $1 price target, highlighting lingering concerns about sustainability.