What Is the Highest Opendoor Stock Has Ever Been? Unpacking Its Peak Performance

Opendoor stock rockets to unprecedented heights—then reality bites.

Peak Performance: When Opendoor Hit Its Stratospheric High

The iBuying pioneer's shares once surged to a jaw-dropping peak, fueled by pandemic-era mania and speculative frenzy. That record-breaking moment captured Wall Street's imagination—before gravity inevitably kicked in.

Market Forces & Mortgage Mayhem

Rising interest rates crushed the housing boom, turning Opendoor's inventory into dead weight. The company's algorithm-driven model faced its ultimate stress test—and learned the hard way that even tech can't outrun economic cycles.

Legacy of a Disruptor

Opendoor's volatile journey mirrors the entire proptech sector's growing pains. They promised to revolutionize real estate transactions—and did, until traditional market fundamentals reasserted their boring, inconvenient dominance.

Another 'innovative' fintech learning that housing markets have crushed smarter disruptors for centuries.

A big idea that hasn't been proven just yet

The all-time high for Opendoor's stock came in 2021 when it peaked just shy of $36 per share. The current price, even after the huge rally, is a bit shy of $11 per share. So what's going on?

Image source: Getty Images.

The Core business is, basically, house flipping. That's not new, but it hasn't been done on an institutional scale yet. Opendoor is attempting to use technology to create scale in this housing niche. It has yet to turn a sustainable profit, which has investors justifiably worried that the business model just won't pan out as hoped.

The big news lately has been around the CEO. In August the old CEO stepped down, and in September a new CEO was announced, poached from(SHOP -1.08%). The new boss leaned into artificial intelligence, suggesting that AI will play a key role in the company's future. Notably, these executive shifts were helped along by activist investors known for being involved in the meme stock phenomena.

So the big moves here tap into both the AI and meme stock trends. But the fact that Opendoor remains so far below its all-time high is a warning to long-term investors that this business still has a long way to go before it has proven it is sustainable. Until the new CEO has some results to show, most potential investors will likely be better off watching this rocket ship from the sidelines.