Why Is Opendoor Stock Rising Over 3% Premarket Today?
The company’s expansion plans are boosting the shares and retail sentiment.
Opendoor Technologies shares gained over 3% in early premarket trading on Thursday amid growing optimism following its expansion plans.
The real estate platform, which has drawn strong retail investor interest in recent months, said it will expand its services nationwide.
The announcement sent shares up 14.5% on Wednesday, marking their biggest intraday gain this week and leaving the stock just shy of the record high it hit last Thursday.
On Stocktwits, the retail sentiment remained in the ‘bullish’ zone, unchanged so far this week. Several users posted saying that they are relieved to have continued to hold the stock despite the recent volatility and mixed signals.
On Wednesday, crypto investor and prominent podcaster Anthony Pompliano teased on X: “It is hilarious watching a bunch of nerds on Wall Street short $OPEN based on the past, while retail investors are pouring money into the company based on the future.” Pompliano bought Opendoor stock last month.
To be sure, doubts about Opendoor’s stock sustaining momentum have also been emerging. Former hedge fund manager and pharmaceutical executive Martin Shkreli recently said he has shorted the stock, and famed short-seller Andrew Left from Citron Research said that OPEN is “nothing more than a stock promo and a science project in how to burn money.”
OPEN stock has been more or less on a tear since July, and is up a whopping 538% year-to-date.
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