Opendoor Stock Soars To 3-Year High After Shopify Executive Named CEO — Retail Traders Split On Next Move

Opendoor Technologies (OPEN) shares surged more than 60% in afternoon trade on Thursday, hitting their highest level in more than three years after the company named former Shopify executive Kaz Nejatian as its new CEO. 

Wednesday’s announcement also marked the return of co-founders Keith Rabois and Eric Wu to the company’s board. OPEN’s stock climbed as much as 60% to an intraday high of $9.94, putting it on track for its largest single-day gain in history if the rally holds through the market close, according to Koyfin data. 

On Stocktwits, retail sentiment around the stock surged higher within ‘extremely bullish’ territory, and retail chatter jumped to ‘extremely high’ from ‘high’ levels over the past day. OPEN’s stock was among the top trending tickers on the platform at the time of writing. 

An ongoing Stocktwits poll, which has garnered over 10,000 votes so far, showed most retail traders were either buying Opendoor shares or watching from the sidelines after Wednesday’s announcement. About 35% said they were waiting to see how the stock trades, while 31% reported buying. Just 16% said they were selling or trimming their stake, and another 18% said they planned to hold.

Opendoor board member Eric Jackson reported growing cultural support on Thursday, stating he had recently had a FaceTime call with R&B singer Jaheim and Sean Rock. Jackson noted that Jaheim is now “officially part of the OPEN Army” and enthusiastic about Nejatian’s leadership, in a post on X. 

Meanwhile, Nejatian set the tone for his tenure with a brief message stating, “Faster. The only acceptable speed when building software is faster.” Rabois emphasized the importance of team building, writing, “The team you build is the company you build.” 

Wu marked his own return to the board alongside Nejatian and Rabois, adding, “In the beginning of 2022, I wrote the narrative about the future of Opendoor and now, more than ever, I believe it is time to deliver on our mission.”

Opendoor has become a prominent meme stock in recent months, with its shares climbing nearly 500% this year. Jackson ignited retail interest in July, when he posted that EMJ Capital had taken a position in the stock, stating that it gave Carvana ‘vibes.’

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