Why Is OPEN Stock Rising Today?

Opendoor Technologies Inc. (OPEN) shares surged more than 12% in Wednesday’s opening trade after the company announced plans to expand its product offerings over the coming weeks.

In an 8-K filing with the U.S. Securities and Exchange Commission (SEC), Opendoor said its expansion plans are aimed at allowing it to offer services throughout the “entire continental United States in the coming weeks, through one or more of its direct cash offer, cash plus or working with its partner agents to provide listing services.”

The company also said that its newly appointed CEO, Kaz Nejatian, and Opendoor’s accounts on X would be used to talk with the firm’s investors.

“We’ve also parted ways with our former external PR agencies. When we want to talk, you will hear from us. Not paid professionals who don’t share our mission,” Nejatian said in a post on X.

On Tuesday, former hedge fund manager and pharmaceutical executive Martin Shkreli announced that he had shorted the Opendoor stock. “I will be doing diligence calls with former employees, customers, competitors and hopefully, management too! I will send invites to the calls or anonymous transcripts as appropriate,” he said in the post.

This was also not the first time Shkreli posted about Opendoor – in a post last week on X, he said, “$OPEN is an obvious short and anyone long should never ever invest again.”

Earlier this month, famed short-seller Andrew Left from Citron Research attacked Opendoor, saying “$OPEN is nothing more than a stock promo and a science project in how to burn money.”

OPEN stock is up 550% year-to-date and 336% in the past 12 months.

Also See: Why Is BBAI Stock Falling Today?

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