The stock of Opendoor Technologies (OPEN) was up as much as 12% on Aug. 12 on news that entrepreneur and cryptocurrency investor Anthony Pompliano purchased shares in the company.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Pompliano, a popular crypto investor and social media influencer known as “Pomp,” revealed his investment on X, formerly Twitter, stating that he believes “retail investors are a powerful force in financial markets” who can contribute capital, attention, and insights to improve businesses over the long term.
Pompliano’s investment in Opendoor comes amid a surge in retail investor enthusiasm for the residential real estate company that was sparked by EMJ Capital’s Eric Jackson, who suggested an “$82 value for a 50 cent stock.” Some analysts are referring to Opendoor Technologies, whose share price is up 174% in the last month, as a “meme stock.”
Crypto Cred
Anthony Pompliano has a lot of credibility among retail investors and in the crypto community. He previously co-founded Morgan Creek Digital, a venture capital firm focused on blockchain technology and crypto assets. He also hosts “The Pomp Podcast,” where he discusses topics such as cryptocurrencies, finance, and entrepreneurship.
Despite expressing his enthusiasm for Opendoor Technologies, Pompliano cautioned investors that OPEN stock “is going to be volatile” and “may not work out for investors.” He said that each investor should do their own research on stocks. Pompliano did not reveal the exact size of his position in Opendoor Technologies’ stock, which has risen 53% year to date.
Is OPEN Stock a Buy?
The stock of Opendoor Technologies has a consensus Hold rating among eight Wall Street analysts. Those ratings are based on one Buy, four Hold, and three Sell recommendations issued in the last three months. The average OPEN price target of $1.27 implies 48.37% downside risk from current levels.
