Shares of Opendoor Technologies (NASDAQ: OPEN) spiked 42% on Monday to close at $3.21, with the momentum carrying into Tuesday’s pre-market session, where the stock surged another 11.21% to $3.57.
The explosive rally comes amid a retail-fueled frenzy that has pushed the stock up over 200% in the past week and more than sixfold from its June lows, when it was trading below $1.
Fueling the surge are comments from Eric Jackson, founder of EMJ Capital, who sees long-term upside in the iBuyer real estate company, citing cost-cutting measures and improving margins. Jackson even suggested a potential price target of $82.
Adding to the mania, retail investors on Reddit’s WallStreetBets forum, the same group behind the GameStop (NYSE: GME) phenomenon, have been actively sharing their Opendoor trades.
This has resulted in a short squeeze, as bearish traders rushed to cover positions, sending prices even higher.
Interest in OPEN stock spikes
At the same time, search interest in Opendoor has skyrocketed in tandem with the stock. According to Google Trends data retrieved by Finbold on July 22, queries for ‘buy OPEN stock’ reached a maximum score of 100 on July 21, up from just 24 on June 22, representing an increase of over 300%.
The data also shows that the highest levels of interest come from California, New York, Texas, Florida, and New Jersey.
Opendoor, which buys and flips homes using proprietary technology, once traded above $30 per share in early 2021 before collapsing below the $1 mark. In May 2025, the company faced potential delisting from the Nasdaq after trading below $1 for 30 consecutive days.
Now, with the renewed retail interest, OPEN shares are inching closer to the psychologically important $5 level, a territory that would lift it out of penny stock status.
The sudden surge has sparked questions about whether management can capitalize on the momentum and deliver on long-term growth prospects.
Featured image via Shutterstock
