In 2025, a "dark horse" emerged in the US stock market! From facing delisting to becoming a hot topic overnight.

The American real estate technology company Opendoor Technologies (OPEN.US) has completed an amazing "comeback" in just one week, quickly becoming a hot topic in the US stock market. On Monday, Opendoor's stock price experienced a sharp fluctuation, soaring over 120% at one point, then experiencing a large-scale sell-off before 3 pm Eastern Time, leading to a significant pullback in the gains and triggering a halt in trading under Nasdaq's volatility circuit breaker mechanism. Finally, the stock closed at $3.21, still up by 42.67% for the day. According to FactSet data, the trading volume for the stock today exceeded 1.8 billion shares, setting a historical record far surpassing its float of 634 million shares. This incredible trading volume reflects the market's intense interest in this "iBuyer" concept stock. iBuyer, or "instant home buying," is Opendoor's main business model, which involves quickly evaluating, purchasing, and reselling properties through algorithms. The surge in the stock price has led to comparisons with "meme stocks." Some investors have likened it to the social media hype surrounding GameStop Corp. Class A (GME.US) and AMC Entertainment Holdings, Inc. Class A (AMC.US). EMJ Capital's founder, Eric Jackson, denied this claim in an interview, stating, "I don't think Opendoor is a meme stock; I think it is a company with actual business operations." He revealed that EMJ's artificial intelligence model had been monitoring Opendoor for several weeks and believed it has long-term investment value. He refused to disclose whether he sold his holdings on Monday but stated that his position only represented a small portion of the float. Financial professor Derek Horstmeyer pointed out that Opendoor does exhibit typical meme stock characteristics, such as a high short interest ratio, a recent history of stock price declines, significant Reddit speculation, and the involvement of aggressive investors, which are the four elements that preceded the GameStop craze. According to FactSet data, Opendoor's current short interest ratio exceeds 20%, close to GameStop Corp. Class A's 21.4%. The options market also reflects investors' fervor. The trading volume for call options related to Opendoor reached 2.2 million on the day, double that of put options, setting a new record. According to Dow Jones Market Data, this concentrated buying of call options reflects speculators' strong expectations of a short-term surge. It is worth noting that Opendoor had received a delisting warning from Nasdaq less than two months ago, as its stock price had been below $1 for 30 consecutive trading days. As a result, the company announced on June 6th that it would seek shareholder approval for a reverse stock split to raise the stock price to comply with the listing standards. However, EMJ's Jackson actively advocated on the social media platform X for the company to cancel the stock split plan. He believes the company is effectively controlling costs, lacks national competitors, and has potential for revenue growth. On Reddit's WallStreetBets forum, many investors have posted screenshots of their profit holdings, expressing their "belief" in Opendoor. On the Stocktwits platform, discussions about Opendoor have also surged. Platform analyst Tom Bruni noted that since July 14th, there has been a significant increase in posts about Opendoor, making it one of the most watched stocks among retail investors. Jackson stated that he is closely following the company's upcoming earnings report in early August and is looking forward to the company achieving positive EBITDA (earnings before interest, taxes, depreciation, and amortization) for the first time, which will be an important milestone in Opendoor's transformation into a "true growth stock." According to FactSet data, as of Monday's close, Opendoor's year-to-date increase has exceeded 100%, with a cumulative increase of over 500% since early July.