Latest news with #EMJCapital
Bloomberg
3 hours ago
- Business
- Bloomberg
Opendoor Soars as Traders Flock to New Meme Stock
Eric Jackson, founder and president of EMJ Capital, talks about Opendoor's wild week, what led him to invest in the company and why he doesn't consider it to be a real 'meme stock.' (Source: Bloomberg)
Yahoo
7 hours ago
- Business
- Yahoo
Opendoor's Stock Swings From Huge Gains to Losses in Volatile Session
Gabby Jones / Bloomberg / Getty Images Opendoor shares surged early Tuesday, leading to a temporary halt in trading. Opendoor Technologies (OPEN) shares surged as much as 24% Tuesday before reversing early gains, as retail investors drove wild swings in the meme stock. Shares of the online homebuying company were recently down about 1%, after a temporary halt in trading. They nearly tripled in value last week and closed up 42% Monday amid intense social media interest from retail investors. As in recent days, Opendoor's stock was heavily cited by users of the wallstreetbets subreddit—notorious for fueling the Gamestop meme stock frenzy in 2021. It was also listed as the most actively traded stock on retail-investor-focused social media platform Stocktwits on Tuesday morning. Opendoor's stock took off last Monday after EMJ Capital Founder Eric Jackson said his firm had invested in the company, saying shares 'could be a 100-bagger over the next few years"—implying that every $1 invested in the stock could return $100. Opendoor had faced a potential Nasdaq delisting in May for trading below $1 for 30 consecutive business days. Read the original article on Investopedia
Yahoo
a day ago
- Business
- Yahoo
Opendoor stock gains 42% in wild day after doubling early Monday as volatility triggers trading halt
Opendoor Technologies (OPEN) stock continued its wild ride on Monday, rising 42% after a trading day that saw shares more than double before being halted for volatility in the final hour of the session. At its peak on Monday, Opendoor's intraday rally reached as much as 115% before triggering a volatility-related trading halt in the stock near 3:00 p.m. ET. The stock was halted for 10 minutes Monday afternoon after the stock crossed the Nasdaq's volatility limit, which is triggered when a stock's share price moves too far and too quickly, depending on the per-share value of the stock. The long-beleaguered iBuyer platform saw its share price gain 188% last week, bringing the stock from just above $0.50 less than a month ago to above $4.80 at Monday's session highs. 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. Read more about Opendoor's stock moves and today's market action. Opendoor uses iBuyer real estate technology to buy homes from owners for cash, make light repairs, then flip them back onto the open market to hopefully resell at a profit. 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 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
a day ago
- Business
- Yahoo
Opendoor stock pares daily gain to 30% after doubling early Monday as volatility triggers trading halt
Opendoor Technologies (OPEN) stock continued its wild ride on Monday with the stock up about 30% in late afternoon trading, giving up an intraday rally that reached as much as 115% and triggering a volatility-related trading halt in the stock near 3:00 p.m. ET. The stock was halted for 10 minutes Monday afternoon after the stock crossed the Nasdaq's volatility limit, which is triggered when a stock's share price moves too far, too quickly, depending on the per-share value of the stock. The long-beleaguered iBuyer platform saw its share price gain 188% last week, bringing the stock from just above $0.50 less than a month ago to above $4.80. 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. Read more about Opendoor's stock moves and today's market action. Opendoor uses iBuyer real estate technology to buy homes from owners for cash, make light repairs, then flip them back onto the open market to hopefully resell at a profit. 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 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
a day ago
- Business
- Yahoo
Opendoor Stock Is Surging Higher in a Frenzied Retail Rally. How Should You Play OPEN Shares Here?
Opendoor (OPEN) shares soared more than 100% on Monday as retail traders continued to flock into the digital real estate platform that streamlines the buying and selling of homes in the U.S. OPEN's rally caught steam last week after Eric Jackson, a globally renowned hedge fund manager, revealed a super bullish stance on the San Francisco-headquartered firm. More News from Barchart It's Never 'Happened in the History of Tech to Any Company Before': OpenAI's Sam Altman Says ChatGPT is Growing at an Unprecedented Rate This Penny Stock Wants to Become the MicroStrategy of Dogecoin Option Volatility And Earnings Report For July 21 - 25 Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! At the time of writing, Opendoor stock is trading at about 9x its price in the final week of June. What Eric Jacson Recently Said About Opendoor Stock OPEN shares have experienced a cosmic run in recent sessions primarily because Jackson said his firm EMJ Capital has built a sizable position in the Nasdaq-listed firm. In his recent X post, the market veteran said Opendoor Technologies Inc could prove a '100-bagger' over the next few years, adding the stock could go as high as $82. His comment dragged a flood of retail investors into Opendoor stock, triggering an explosive rally that can only be compared to ones previously seen in meme stocks like GameStop (GME). According to Eric Jackson, the digital real estate company could even emerge as the next Carvana (CVNA) in the years ahead. Here's Why OPEN Shares Remain a High-Risk Investment Despite Jackson's constructive remarks on Opendoor shares, caution is warranted in buying them at current levels as the California-based company still faces significant financial headwinds. For starters, the iBuyer continues to struggle with sustainable profitability, a milestone it's not expected to achieve in the near future either. Plus, Opendoor Technologies has sizable debt on its balance sheet that further limits its flexibility to scale operations or weather macroeconomic shocks without incurring steep financing costs. How Wall Street Recommends Playing Opendoor Technologies Investors should note that Opendoor stock is currently trading sharply above analysts' mean target. At the time of writing, Wall Street has a consensus 'Hold' rating on Opendoor shares with a mean target of about $1.14 indicating potential downside of more than 65% from current levels. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
