In the summer of 2025, a rare alignment was formed between a hedge fund manager, a community of retail traders, and a public company on the brink. The story of Opendoor Technologies (OPEN) has become a case study in how three very different forces can converge around a shared goal, even as their relationship faces tests that may determine its long-term future.
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Opendoor Technologies, known for its “iBuying” model that uses data and algorithms to make instant cash offers on homes, saw its stock peak at $36 in 2021. It then fell sharply as rising interest rates and a frozen housing market pressured its balance sheet, bottoming at $0.51 in June 2025. With the risk of delisting from the Nasdaq, investor interest had all but vanished.
A New Courtship Between Wall Street and Main Street
A surprising twist began to transpire in July. Eric Jackson, founder of EMJ Capital, disclosed via X that he had begun buying shares between $0.70 and $0.80. He called Opendoor “a potential 100-bagger” and set a public target of $82 per share. “The business model Keith Rabois built works. The macro headwinds are flipping. Costs have been slashed,” Jackson wrote in his July 14 post, adding that he was inviting retail investors to join the campaign. His comment drew immediate engagement and shifted the conversation around the company.
This outreach contrasted with the 2021 GameStop (GME) battle, when retail traders led by online personality “The Roaring Kitty” fought against hedge funds with large short positions. In the case of Opendoor, Jackson was not opposing retail but actively courting them. This shift in tone created the first point of connection in what would become a three-sided relationship.
As retail investors picked up the thread, the stock surged nearly 189% in a week, with trading volumes hitting records. “If OPEN reaches $82, then CEO Carrie, all of Opendoor’s executives, and well-known investor Eric Jackson will become billionaires,” wrote one retail trader, @Christo68098001. Another, @FancyMeoww, added, “If @TheRoaringKitty by miracle joins us in our OPEN Opendoor movement, we may be going interstellar and break our $82 target with ease.”
The Call for Change at the Top
From that point, Jackson and retail traders began operating almost as a single voice. Jackson contributed valuation models comparing Opendoor to high-growth companies like Carvana (CVNA), projecting $12 billion in revenue by 2029 and applying multiples that could support his $82 target. Retail brought viral momentum and constant discussion of the stock across social media.
However, the third side of the triangle, the company itself, was slower to engage. Carrie Wheeler, Opendoor’s chief executive officer since 2022, had kept a low public profile. Jackson noted in August that Wheeler had made only one media appearance in 2.5 years. “The only fix,” he posted, “is to put me on the OPEN board within 10 days as the retail voice. If by August 20 the board stonewalls, I will consider selling every share.”
Then, Opendoor’s founder, Keith Rabois, entered the scene to take part in the discussion and pointed out criticism of Wheeler. “She is utterly incompetent. She was a mediocre CFO. Tech companies should never be led by CFOs,” Rabois wrote. In another post, he referred to her as “the worst CEO in America”. He suggested that Opendoor could benefit from both new leadership and favorable macro conditions, saying, “New Fed Chairman and new CEO: Winning.”
A Rare Response From the Top
The coalition between Jackson, retail investors, and Rabois began to press for changes to governance, a pivot toward AI-driven cost savings, and a return of “founder DNA” to the company. @quantum_trader, a retail account, wrote, “Need to go ALL-IN on AI to further accelerate cost savings and supercharge revenue growth. This will lead to $82 PT set by @ericjackson.”
In broad and general terms, the plan for Opendoor is to turn it into an “AI-first housing company” built on its decade of proprietary data, from home valuations to location analytics. He and other activists want the company to move beyond traditional iBuying toward a machine learning–driven platform that cuts costs, grows revenue, and supports a target of $82 per share.
In the meantime, the company reported positive EBITDA for the first time in years during its second quarter, and revenue exceeded consensus estimates. The stock traded near $2 by mid-August, a gain of about 300% from its June low. Yet guidance for the third quarter came in below expectations, which cooled momentum.
Wheeler addressed the surge in attention in a rare X post, her first in four years. “There’s been a lot of new attention on Opendoor from investors recently. It’s an incredible gift. I’m deeply thankful for every new shareholder who believes in what we’re building,” she wrote. She described the company’s expansion into agent partnerships and the launch of a product called Opendoor Cash Plus. She added, “If that means thousands of people choosing to own part of Opendoor because they believe in the long-term value and transformation we’re driving, I’m all in.”
Momentum Meets the Need for Direction
Jackson welcomed the outreach but emphasized that more was needed. “We want a comprehensive plan articulated on how she plans to take the $0.51 company she’s presided over for 2.5 years to the heights of $200 per share in 3 years,” he told Investing.com. “We have a plan for that. Does she agree? Is she the one to take us there?”
Other investors echoed this view. Randian Capital called Wheeler’s post “a step in the right direction” but pressed for an updated investor presentation and an AI-focused investor day. Opendoor board member Adam Bain responded on X to confirm that the team was working on these initiatives and called AI “a big opportunity.”
The interplay among Jackson, retail investors, and Opendoor’s management remains in motion. The partnership between Jackson and retail has proven durable through earnings volatility, as both sides continue to see upside in operational improvements, macro tailwinds, and a potential strategic shift. The company, meanwhile, is signaling some openness to deeper engagement, but it remains to be seen whether it will adopt the activist coalition’s roadmap.
An Unfinished Story
This alignment of hedge fund activism and retail enthusiasm is unusual in public markets, and may even mark a new era for the relationship between institutional and retail investors. It suggests that investor influence can take new forms when traditional boundaries are set aside. In the case of Opendoor, it has created a rare love triangle, where each side brings distinct qualities: Jackson’s analytical rigor and media presence, retail’s persistence and viral reach, and the company’s platform and data assets.
Whether the relationship will deepen into a long-term alliance or fracture over strategy will depend on the months ahead. As of now, all three remain in close orbit, linked by a shared belief that a business once left for dead can be revived, scaled, and valued far above its current market price.
Is Opendoor a Good Stock to Buy?
The Street’s analysts are still not on board when it comes to Opendoor, with the stock boasting a Hold consensus rating. Out of eight recent ratings, only one analyst considers the OPEN stock as a Buy. That would be J.P. Morgan’s four-star analyst, Dae Lee. The average price target stands at $1.27, implying a 45% downside from the current price.
