Opendoor Technologies Stock Surges Amid Meme Stock Frenzy and CEO Transition

Opendoor Technologies (OPEN) shares skyrocketed as much as 81% this week, fueled by a resurgence of meme stock mania and the announcement of a CEO search. The iBuying platform, once a darling of the 2021 SPAC boom, remains 90% below its all-time highs despite a 100% year-to-date rally.

Short interest hovering NEAR 23% of float has made the stock a target for retail traders. High-profile endorsements on financial media ignited volatile buying pressure, while the unexpected CEO transition added speculative momentum. Current leader Carrie Wheeler will retire, though the timing raises questions.

Fundamentals tell a different story. Last quarter's $1.6 billion revenue produced just $128 million in gross profit, underscoring the disconnect between market action and operational reality. The stock's summer outperformance reflects market dynamics more than business performance.