Opendoor’s 500% surge signals return of meme stock mania

Key Points

1. Opendoor Technologies (OPEN) shares surged over 170% due to traction among traders on Reddit’s WallStreetBets, reminiscent of the pandemic-era meme stock frenzy.

2. Approximately 1.9 billion Opendoor shares traded hands in a single day, with the stock reaching a $2.3 billion market cap.

3. WallStreetBets, with over 19 million members, is known for promoting high-risk trading strategies, often targeting heavily shorted stocks for short squeezes.

4. Opendoor reported $1.2 billion in Q1 revenue, a 2% year-over-year decline but a 6% quarterly increase, alongside $99 million in gross profit.

5. Bitcoin’s momentum is being driven by institutional investors, tracking global liquidity trends, while meme stocks and the S&P 500 rally after a volatile start to the year.