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Opendoor stock gains another 30% as retail frenzy continues to push shares higher

Opendoor stock gains another 30% as retail frenzy continues to push shares higher

Yahoo5 days ago
Opendoor Technologies (OPEN) stock continued its meteoric rise on Monday morning, with shares rising as much as 32% in early trading as the meme stock-style rally continues.
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.
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2 High-Flying Artificial Intelligence (AI) Stocks to Sell Before They Plummet 74% and 30%, According to Select Wall Street Analysts
2 High-Flying Artificial Intelligence (AI) Stocks to Sell Before They Plummet 74% and 30%, According to Select Wall Street Analysts

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2 High-Flying Artificial Intelligence (AI) Stocks to Sell Before They Plummet 74% and 30%, According to Select Wall Street Analysts

Key Points Many companies in the center of the AI revolution have seen their stock prices soar in the last three years. These two companies have produced very strong operating results. But their stock prices have outpaced their financial growth, leading to sky-high valuations. 10 stocks we like better than Palantir Technologies › Artificial intelligence (AI) has become one of the biggest talking points for businesses over the last few years. The number of S&P 500 companies mentioning "AI" on their earnings call climbed from less than 75 in 2022 to 241 during the first quarter, according to FactSet Insight. A handful of companies have built big businesses around demand for artificial intelligence, or integrated AI to rapidly expand their addressable markets. Many of those companies have seen their stock prices soar over the last few years. But not every high-flying AI stock is worth buying after a massive run up in its price. 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Palantir has seen its revenue grow substantially over the last few years, as it expands its addressable market through its Artificial Intelligence Platform, or AIP. The new platform makes it easier for users to interact with the big data software and find useful business insights and help make decisions. That's expanded the use cases for Palantir's software, especially as businesses generate more and more data. As a result, Palantir's U.S. commercial revenue has climbed quickly, including a 71% increase in the first quarter. Moreover, Palantir has exhibited tremendous operating leverage. Instead of focusing on marketing and sales, CEO Alex Karp has put most of Palantir's manpower into building a better product. The idea is a better product will do the selling for itself. As a result, adjusted operating margin climbed to 44% in the first quarter, up from 36% in the first quarter last year. Indeed, Palantir is firing on all cylinders. 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Silicon Valley Is Nearing A Breaking Point
Silicon Valley Is Nearing A Breaking Point

Forbes

timea minute ago

  • Forbes

Silicon Valley Is Nearing A Breaking Point

American comedian Gallagher (born Leo Gallagher Jr) moving fast and breaking things at the Rosemont ... More Horizon, Rosemont, Illinois, July 10, 1981. (Photo by) The current mood in Silicon Valley seems to be dominated by this sentiment, originally popularized by Facebook. And for many leaders in the tech center of the universe, Silicon Valley, it has spread beyond just information technology innovation and into a sense of how to reinvent all walks of life, all industries, and even politics. For many of the giants in today's tech and innovation sector, technology is by itself the solution to everything. It is Schumpeterian thinking dialed up to eleven. It is quasi-religious, in that there is a sense that a great technology flood will wash over the economy and society and wash clean the ills, leaving behind efficient, reinvented new industries, regulations (if even needed at all) and personal behavior. 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Allianz Life confirms data breach affecting majority of 1.4M US customers
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Allianz Life confirms data breach affecting majority of 1.4M US customers

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