Opendoor (OPEN) Stock: Rally Extends as Investors Push for Co-Founder's Return

TLDR

Table of Contents

Opendoor (OPEN) surged 50% last week, reaching a three-year high as retail investors rallied behind efforts to bring back co-founder Keith Rabois to the board
Hedge fund manager Eric Jackson is leading the “Bring Back Rabois” campaign and claims to have taken a large position in the company
CEO Carrie Wheeler departed and the company cancelled a planned reverse stock split under pressure from Jackson and retail investors
Short interest has climbed to over 21%, with some retail traders eyeing a potential short squeeze setup
The stock is up about 315% year-to-date, with investors betting on interest rate cuts and new CEO appointment as catalysts

Opendoor Technologies found itself trending at the top of retail trading platforms Sunday night. The real estate technology company just wrapped up a week that saw shares climb 50% in five trading sessions.

The stock hit a three-year high Friday, closing at $6.65 after touching $6.85 during the session. Trading volume was massive, with 570 million shares changing hands against a float of 629 million shares.

The rally centers around a campaign to bring back Keith Rabois to the company’s board. Rabois co-founded the company but is not currently involved in its operations.

Eric Jackson of EMJ Capital is leading the charge. The hedge fund manager has been pushing for changes at Opendoor since July and claims to hold a large position in the stock.

$OPEN just ripped 50% in one week, hitting a 3-year high as retail sentiment goes through the roof.
-Eric Jackson @ericjackson leads the "Bring Back Rabois" campaign madness on X for governance changes
-CEO resignation + AI pivot + canceled reverse split = full disruption mode… pic.twitter.com/DxaSX5xNZ2
— alliseeisW (@alliseeis_W) September 8, 2025

Jackson’s “Bring Back Rabois” campaign has gained traction on social media platforms. He believes Rabois brings a more aggressive business approach compared to the company’s previous leadership.

Leadership Changes Create Momentum

The pressure campaign has already produced results. CEO Carrie Wheeler departed the company recently under investor pressure.

Opendoor also cancelled a planned reverse stock split. The move came as retail investor interest surged and Jackson intensified his campaign.

In August, the company announced a business model shift. Instead of buying and selling homes directly, Opendoor will focus on working with real estate agents through AI tools.

Jackson has threatened legal action if Rabois is not brought back and formally involved in the CEO search process. He posted on social media that delays might lead to a shareholder lawsuit.

The hedge fund manager has set lofty price targets for the stock. He believes Opendoor could reach $82, $200, or even $500 per share under different leadership.

Short Interest Builds Squeeze Potential

Short interest in Opendoor has climbed to over 21%, reaching the highest level on record. The data comes from Koyfin and shows growing bearish bets against the stock.

Some retail traders see this as a setup for a short squeeze. High short interest combined with strong retail sentiment could force short sellers to cover their positions.

“$OPEN is a textbook squeeze play,” one Stocktwits user posted. The user pointed to Friday’s massive volume as evidence that the float had rotated almost entirely.

Retail sentiment shifted to “extremely bullish” by late Sunday. This marked an increase from “bullish” sentiment on Friday, according to platform data.

The stock trades with technical resistance around the $6.87 level. Traders are watching for volume to push through this barrier, with targets of $7.50 to $8.00 if momentum continues.

Interest rate expectations are also supporting the rally. The Federal Reserve appears likely to cut rates at its next meeting, which would benefit real estate companies through lower borrowing costs for homebuyers.

Opendoor shares have gained about 315% year-to-date, making it one of the strongest performers in the real estate technology sector. Friday’s session saw the stock post an 11.58% gain to cap off the strong weekly performance.

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