Opendoor Technologies (OPEN) is emerging as the market’s latest so-called meme stock, a term used to describe GameStop (GME) and AMC Entertainment (AMC) during the explosion of retail investor trading four years ago, Martin Baccardax of Barron’s says. Shares of the San Francisco-based tech group that focuses on the stagnant real estate sector have nearly tripled in value over the past week. An influential investor’s discussion of the company on social media appears to have triggered retail interest, notes the author, who adds that Opendoor may struggle to capture the sort of investor zeitgeist, even as its market value approaches $3.2B for the first time in more than a year following an endorsement from activist investor Eric Jackson, founder of EMJ Capital, over the past week on X. Opendoor has been in steady decline ever since hitting a peak valuation of $20.6B in February 2021.
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