Key Points
Opendoor has ridden a meme-stock rally over the last week to monster gains.
Today is the monthly options expiration date, which could have driven higher trading volume.
The business is still struggling, but that’s unimportant to the stock price for now.
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Shares of Opendoor Technologies (NASDAQ: OPEN) were skyrocketing again today, capping off a remarkable week for the online home-flipper, which has surged on a combination of a meme stock rally, a possible short squeeze, and a thesis shared on Reddit and X.com that the company could be the next Carvana — a stock that has jumped more than 100 times after nearly going into bankruptcy a few years ago.
Today’s move also likely benefits from it being Options Friday, as monthly options expires on the third Friday of the month, which tends to trigger higher volatility, especially in volatile stocks like Opendoor.
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As of 10:33 a.m. ET, the stock was up 19.4%. The stock had jumped as much as 39% earlier in the session before giving up some of those gains.
Image source: Getty Images.
How high can Opendoor go?
Once again, there was no news out on Opendoor’s business that would have driven today’s movement. The rally is purely trader-driven and momentum-based.
Trading volume also seems to go higher each day, showing the rally is drawing in more traders, which could push the stock even higher.
The last two sessions have set volume records for the stock, and today seems likely to hit a new record as well. Just a little more than an hour into the trading session, more than 225 million shares have changed hands. Yesterday, 541 million shares were traded, and there are only 729 million shares outstanding, meaning nearly 75% of shares outstanding were traded yesterday.
What’s next for Opendoor?
The current rally could persist, especially if trading volume continues to increase, though some of today’s activity likely relates to the options expiration, meaning we could see a decline on Monday.
Opendoor’s business still needs some help from the housing market, and it doesn’t seem likely to get it anytime soon. For now, the fundamentals of the business don’t seem to matter to the traders pushing the stock higher, but that will eventually change.
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Jeremy Bowman has positions in Carvana. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
