Prediction: Opendoor Will Not Be Able to Keep Its Gains Over the Long Term

One of the hottest stocks this year has been Opendoor (NASDAQ: OPEN), which is up more than 500% year to date as of this writing. The stock recently shot up nearly 80% in one day after the company announced both a new CEO and that its co-founders were returning to take seats on its board of directors. However, the stock's meteoric rise this year is not because of the strength of its business or signs of a turnaround. In fact, the stock saw its share price actually cut in half earlier this year before hedge fund manager Eric Jackson of EMJ Capital started hyping the stock on social media platform X (formerly Twitter) in July, saying it had the potential to be a 100-bagger. Others then piled in, with influential newsletter writer and podcaster Anthony Pompliano also promoting the stock. Essentially, it's become a meme stock. With a high short interest and retail investors jumping in, the stock skyrocketed despite poor results.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool