Opendoor stock gains another 30% as retail frenzy continues to push shares higher
The long-beleaguered iBroker platform saw its share price gain 188% last week, bringing the stock from just above $0.50 less than a month ago to now above $2.75. Shares still remain far below their all-time high of $39.24 reached in February 2021.
Powering the stock, in part, has been a public bull case from Carvana (CVNA) turnaround spotter EMJ Capital and a ream of speculative bets posted to the subreddit wallstreetbets, a haven for meme stocks, have both added significant fuel to the fire.
Retail trading activity in the stock has surged in recent weeks, according to data from VandaTrack.
Since going public through a SPAC transaction in December 2020, Opendoor has yet to post a profitable quarter.
But EMJ Capital principal Eric Jackson — who first gained notoriety for being an early believer in turnaround potential at Carvana — predicted in an X thread laying out his bull case on the stock that it would report its first quarter of positive EBITDA in August and that he sees a price target of $82.
The company was served a warning that it faced potential delisting from the Nasdaq in May after trading under $1 for more than 30 days. In June, it settled a class-action lawsuit alleging that the company did not properly disclose its price algorithm's inability to adapt to changes in the housing market.
As with meme-stock predecessors GameStop (GME) and AMC (AMC) during their own retail-frenzied runs throughout 2021, short bets on Opendoor had hit a record level, accounting for more than 25% of the company's float by the end of June.
Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at jake.conley@yahooinc.com.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
European second-quarter corporate profits expected to fall 0.3%
By Javi West Larrañaga and Marleen Kaesebier (Reuters) -The outlook for European corporate health has slightly improved, the latest earnings forecasts showed on Tuesday, despite continued uncertainty over global trade and the European Union preparing for counter-measures against any major U.S. tariffs. European companies are expected to report a drop of 0.3% in second-quarter earnings, on average, according to LSEG I/B/E/S data. That is slightly above the 0.7% fall analysts expected a week ago. Forecasts for Europe-wide STOXX 600 company earnings have steadily worsened since U.S. President Donald Trump announced plans for "reciprocal" tariffs in February. Analysts expected second-quarter earnings to increase 9.1% year-on-year right before the announcement, according to the data. The consensus forecast for second-quarter revenue, on the other hand, has continued to weaken, the LSEG report showed, with analysts now expecting a 3.1% fall versus a 3.0% drop last week. That would be the worst quarterly performance in more than a year. A year ago, STOXX 600 companies on average delivered a 3.0% increase in second-quarter earnings and a 0.8% drop in revenues. This earnings season will highlight how Trump's tariff threats are affecting European companies, as many of them scramble to minimise risks and prepare strategies to counter uncertainty. Italian-listed Stellantis said on Monday tariffs had already cost the auto group 300 million euros ($351 million) and pharma firm AstraZeneca announced plans to spend $50 billion expanding in the U.S. by 2030. Among sectors, the earnings of STOXX 600 technology firms are expected to increase 26.5% in the second quarter, while those of consumer cyclicals - auto, retail and entertainment companies - are forecast to shrink 23.6%, the LSEG data showed. ($1 = 0.8545 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 minutes ago
- Yahoo
Paintmaker Sherwin-Williams cuts 2025 profit forecast on soft demand
(Reuters) -Sherwin-Williams cut full-year adjusted profit forecast and missed second-quarter earnings estimate on Tuesday, hit by soft demand for paint products, sending the company's shares down more than 4% in premarket trading. A sharp drop in new U.S. home sales could weigh on paintmakers by reducing the demand for construction-related coatings, materials and paints. "Demand was softer than anticipated through June, and we do not see catalysts to change that trajectory at this time, causing us to adjust our full-year guidance downward," said Heidi Petz, CEO at Sherwin-Williams — one of the world's largest coating makers. The company expects its 2025 adjusted per-share profit to be between $11.20 and $11.50, compared with its previous forecast of $11.65 to $12.05. Analysts on average estimate $11.88 per share, according to data compiled by LSEG. Sherwin-Williams — which supplies paints, coatings and specialty materials under the brands Valspar, Minwax, Purdy and many more — reported a 4.1% decrease in sales of its consumer brands unit to $809.4 million during the quarter due to soft DIY demand in North America. Net sales in its paint stores segment rose to $3.7 billion from $3.62 billion a year earlier, boosted by higher selling prices. The Ohio-based company posted an adjusted profit of $3.38 per share for the three months ended June 30, while analysts estimated $3.81 per share. Its rival, PPG Industries, is set to report results on July 29. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 minutes ago
- Yahoo
Equifax beats quarterly profit estimate, raises annual revenue forecast
(Reuters) -Credit bureau Equifax beat Street estimates for second-quarter profit on Tuesday, helped by a smaller-than-expected drop in inquiries for mortgage credit reports, and raised its annual revenue forecast marginally. Mortgage inquiries buoyed Equifax's second-quarter results in an otherwise subdued mortgage market, with the 30-year mortgage rate — the interest rate for the most popular U.S. home loan — at lower levels than a year earlier when the Federal Reserve's benchmark interest rate was at a record high. Shop Top Mortgage Rates Personalized rates in minutes Your Path to Homeownership A quicker path to financial freedom U.S. mortgage inquiries fell 8% in the quarter from a year earlier, better than Equifax's expectation of an 11% decline. In the second quarter of 2024, the metric fell by 13%. However, the U.S. mortgage market has seen suppressed loan demand amid rising Treasury yields and economic uncertainties, including fluctuating trade policies from President Donald Trump, and global political tensions. Elevated mortgage rates have discouraged borrowers. That acted as a headwind for Equifax, which sells credit reports and data analytics to consumers and mortgage lenders, as per its earnings report. The company now expects U.S. mortgage inquiries to decline by 11% in 2025, a slight upgrade from the 12% expected in the previous quarter. This helped the company in revising its annual revenue guidance to the range of $5.97 billion to $6.04 billion, from $5.91 billion to $6.03 billion. Analysts were expecting 2025 revenue of $6 billion, according to estimates compiled by LSEG. On an adjusted basis, Equifax earned $249.7 million, or $2 per share, in the three months ended June 30, compared with $226.6 million or, $1.82 per share, in the year earlier. Analysts had expected a profit of $1.92 apiece. The company's shares, which have gained nearly 2% in 2025, were up marginally in trading before the bell.
