Opendoor Faces Meme Stock Test With Q2 Earnings Report: Retail Wants Proof Of Turnaround Narrative

Opendoor Technologies (OPEN) stock was on top of retail investors' radar ahead of its earnings report after the market closes on Tuesday, despite having lost a good chunk of its gains during the renewed “meme stock” rally in recent weeks.

Shares rose 3% in premarket trading on Tuesday, after closing over 17% higher in the previous session. 

The online real estate platform gained sudden attention after Eric Jackson, founder of EMJ Capital, shared his bullish outlook on the stock's potential and outlined a rough turnaround strategy on social media.

Following comments from Jackson, who led activist campaigns at Yahoo and Viacom a decade ago, Opendoor's stock surged over 200% between July 15 and July 21.

The rally was fueled by buzz on platforms like Reddit, X, and Stocktwits — hallmarks of a “meme stock” frenzy — even as few commentators discussed the company's financial fundamentals.

Opendoor's business has struggled in recent years, in part due to a sluggish housing market in the United States, with revenue declines in 2023, 2024, and the first quarter of 2025

For Q2, analysts expect a 0.5% decline in revenue to $1.5 billion and an adjusted loss of $0.09 per share, according to Koyfin data.

On Stocktwits, retail sentiment for OPEN dipped over the last week and was 'bearish' as of early Tuesday, while message volume rose over 500% in the past 24-hour period.

Several users posted about setting their positions ahead of Tuesday's earnings report, with one inviting to a live chat session during the earnings announcement.

"Guidance is everything here. If it lines up with the comeback story, this is going up for a long time. Hold shares/leaps," a user said.

Another noted that just minutes before Monday's market close, unidentified buyers scooped up $6.6 million and $2.4 million worth of Opendoor shares.

In recent weeks, shares of Krispy Kreme (DNUT), Kohl's Corp (KSS), and GoPro (GPRO) have also rallied amid the “meme stock” craze.

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