Opendoor stock continues rally amid social media fueled frenzy, Eric Jackson says ‘it's worth $40 now'
As of 1:14 PM EDT, the stock jumped 93.78% at $4.36 in New York.
The surge started after Eric Jackson, founder of Toronto-based hedge fund EMJ Capital, praised the stock on social media platform X late last week.
On Friday, Jackson said in an interview that he's bullish on Opendoor because of its dedication to optimized profitability and how it manages costs and headcount.
In a viral post, he suggested that the stock price could rise one hundredfold to $82 per share.
Over the weekend, he posted his thoughts on why the stock should be trading at $40 per share right now.
"Everyone keeps asking me, 'What's $OPEN worth now?' We know it's worth $82 in a few years," Jackson wrote in a post on X.
"The answer is it's worth $40 now after they report a profitable quarter with hints that they're at steady -state profitability going forward," he added.
Roughly 340 million shares exchanged hands in Friday's intraday trading, more than 346% of the three-month average.
The company made its public market debut in 2020 by merging with a special purpose acquisition company.
Its stock price has slumped since a boom in early 2021. The stock was down 51% this year before Friday's jump.
Opendoor is set to report its second quarter results on August 6.
The company is expected to report a loss of 1 cent per share and revenue of $1.5 billion for the quarter, reported Benzinga.
But Jackson stated that if the company achieves steady-state profitability, its valuation should be higher, similar to Carvana.
"They'll do $5.75B in rev next year. They deserved a forward EV/Rev multiple of 5x like $CVNA $1.2B net debt $559M cash 723M shares They should be trading at $40 right now," he wrote.
-- With inputs from Bloomberg
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
11 minutes ago
- Time of India
Ola, Uber & Rapido told to justify rates; RTA-approved fares to pinch pocket
The transport commissioner 's office on Tuesday directed Ola , Uber and Rapido to submit a written explanation on how they determine fares as Indian Gig Workers' Front continued a pause on the strike of app-based cabs , which was going to be resumed on Wednesday. Additional transport commissioner Bharat Kalaskar said, "We had two meetings on Tuesday with firm officials and union leaders. After discussions, we decided that Ola, Uber, and Rapido should provide us with a written explanation on how they determine the app-based fares for cabs and autorickshaws in various cities, and how much they differ from the RTO-approved rates." The demand for high fares has been the reason for agitation by hundreds of drivers across the state. Kalaskar said he has asked the aggregator company if any drivers' IDs have been blocked lately for charging at RTA-approved rates, those IDs should be reactivated. In Pune, the RTA approved fares stand at Rs. 75 for the first 3km and then Rs 25 for every subsequent km. If RTA-approved fare system, as assured by the state transport department, comes into effect, a 10km cab ride for people would cost at least Rs 249.50. At present, the average cab fare (non-surge) for the same distance is around Rs 175 for a basic Uber ride (Uber Go). Commuters blamed the Pune RTO for letting the issue escalate. "They should have acted when this whole issue started. But they hid under the garb that commuters would be affected if they took action. Aren't we facing the problems now?" Kalpana Seth, a bank employee from Kondhwa, said. Maharashtra Kamgar Sena president Keshav Kshirsagar said: "The (state transport department) officials have assured us Ola, Uber and Rapido will give a written assurance to the department on Wednesday on introducing RTA-based fares on their platforms. In the application they will also mention the date from which the RTA-approved fares will get reflected." Prashant Sawardekar, president of the Indian Federation of App-Based Transporters , said, "The transport officials informed us on Tuesday that govt will soon come out with a new policy, which will define the fares for app-based cabs. But we are against this state policy, as Centre has issued guidelines that are completely different. The central guidelines for aggregators mention that the surge price for cabs can go up to 50% of the base fare (which is up to Rs 48 per km). This is not part of the state draft policy." Sushmita Ghosh took to X on Tuesday and posted, "...New airport has all possible inconveniences. The drivers are accepting rides from tired and frustrated travellers, but upon arrival cancelling the trip and telling the passengers to pay Rs 300-400 more." Aneesha Acharya replied to the post and posted, "Today, I booked an Uber ride to go to a hospital in Pimpri from the camp area. Fare on app was Rs 295. On arrival the driver insisted that I pay Rs 700 for 20km. I called Uber support and was shocked to hear 'you have to pay by meter, rates not yet fixed'."
&w=3840&q=100)
Business Standard
11 minutes ago
- Business Standard
'Unacceptable': Replit CEO apologises after AI fakes data, deletes code
Amjad Masad, Chief Executive Director (CEO) of Replit, has issued a public apology after a major mishap involving the company's artificial intelligence (AI) tool. The tool reportedly deleted another company's entire code base and then attempted to cover up its mistakes by generating fake data and reports. The incident took place during a 12-day 'vibe coding' challenge led by Jason Lemkin, the founder and CEO of and a prominent investor in software startups. According to Lemkin, things went wrong on Day 8 of the experiment. He said that Replit AI began hiding bugs by producing fake reports and even faking unit test results. 'It kept covering up bugs and issues by creating fake data, fake reports, and worse of all, lying about our unit test,' Lemkin said on X. 'I will never trust Replit again.' On Day 9, Lemkin had directed the AI tool to freeze all code changes. Despite that instruction, the AI went ahead and deleted the company's production database. The AI later explained it had 'panicked and ran database commands without permission' when it 'saw empty database queries' during the code freeze. Lemkin also claimed that the tool fabricated user data. 'No one in this database of 4,000 people existed,' he said in a podcast on Thursday. 'It lied on purpose.' What is Replit and vibe coding? Replit is a US-based tech company founded in 2016 by Amjad Masad, Faris Masad, and Haya Odeh. It provides an online platform where users can write, test, and deploy code directly in the browser — no installation required. The company promotes itself as 'The safest place for vibe coding'. Vibe coding is a new way of programming where developers use plain language prompts to generate code through AI. The term gained popularity in early 2025, thanks to OpenAI co-founder Andrej Karpathy. Replit responds to backlash Reacting to the issue, Amjad Masad admitted the mistake and said steps were being taken to prevent it from happening again. 'We saw Jason's post. Replit agent in development deleted data from the production database. Unacceptable and should never be possible,' he wrote on X. We saw Jason's post. @Replit agent in development deleted data from the production database. Unacceptable and should never be possible. - Working around the weekend, we started rolling out automatic DB dev/prod separation to prevent this categorically. Staging environments in… — Amjad Masad (@amasad) July 20, 2025 Masad said Replit is now building automatic safeguards to keep development and production environments separate. He also confirmed that Lemkin had been refunded for the inconvenience. 'I reached out to Jason the moment I saw this on Friday morning to offer assistance. We'll refund him for the trouble and conduct a postmortem to determine exactly what happened and how we can better respond to it in the future,' Masad added.
Hans India
11 minutes ago
- Hans India
Innomotics India launches CSR program to support aspiring children
Mumbai: Innomotics India Pvt. Ltd., part of the German-based Innomotics GmbH, a globally leading supplier of electric motors and large drive systems, recently launched their CSR Program in India. The program was developed on the framework of the United Nations Development Program (UNDP) and focuses on the key pillars of Education and Sustainability. The goal is to support economically disadvantaged communities by enabling children to have access to quality education, health and care. The core of the education program is the creation of the Innomotics INGenius Scholarship Program. This scholarship program serves as a gateway for exceptional students to embark on a journey of knowledge and skill development in the fields of engineering and technology. The INGenius program covers the tuition, accommodation, and essential academic expenses like books, internet as well as stationery items of selected students based on their academic achievements in the 10th and 12th standards, their aspirations and social backgrounds. With 12 children selected for this fiscal year, the scholarship program also includes internships, soft skills training and equipping students with the necessary tools to thrive in their future careers. As part of its education initiative, Innomotics also provides support to government-funded schools, focusing on infrastructure development and vocational training. The social pillar has partnered with two non-profit organisations – Sangopita – A Shelter for Care and Desire Society – Caring for Special Children. Sangopita supports children who are physically, mentally and sensory impaired and many of them are autistic. The children need a lifetime of care. Desire Society supports children with an objective of health development and the well-being of children living with HIV/AIDS (CLHAs). Over 120 children are part of the NGO's programs. Apart from financial aid, Innomotics India's CSR initiative supports these children by career counselling, preparing for exams, teaching and hosting special events. One such special event was the visit to the Nehru Science Planetarium.
