TLDR
- Opendoor stock jumped 25% on Thursday to $3.03 per share, extending recent gains
- Two hedge funds disclosed new positions: Qube Research bought 12.5 million shares ($30.3M), Weiss Asset Management acquired 9.61 million shares ($24M)
- Anthony Pompliano revealed he took a stake in the company, citing retail investor strength
- Eric Jackson continues his activist approach, criticizing CEO Carrie Wheeler and considering a board position
- Social media mentions increased 234% in 24 hours as trading discussions heat up again
Opendoor Technologies is back in the spotlight with another double-digit rally. The stock climbed as much as 25% Thursday, reaching $3.03 per share and building on recent momentum.
The latest surge comes after regulatory filings revealed two hedge funds established new positions during the second quarter. Qube Research & Technologies purchased 12.5 million shares valued at $30.3 million.
Weiss Asset Management acquired 9.61 million shares worth $24 million during the same period. These institutional investments appear to be adding fuel to a stock already experiencing heightened activity.
The company first gained meme stock status in July when retail traders drove shares higher. That rally eventually faded but left Opendoor with an 84% year-to-date gain.
Recent weeks have brought fresh catalysts. Anthony Pompliano, the well-known investor and tech entrepreneur, disclosed his new stake on August 12.
Pompliano cited retail investor power as a key factor in his decision. He believes retail traders can help companies grow and generate valuable attention.
Activist Pressure Builds
Eric Jackson, the hedge fund manager who sparked July’s initial rally, is taking a more hands-on approach. Jackson has been vocal about his criticism of CEO Carrie Wheeler in recent days.
The activist investor told media outlets this week he would consider joining Opendoor’s board. His goal would be to push for changes at the company.
Jackson’s continued involvement has reignited social media interest. Mentions of Opendoor across Reddit’s investing forums jumped 234% in the last 24 hours.
The data comes from sentiment tracker Ape Wisdom, which monitors retail trading discussions. Jackson’s track record with Carvana adds credibility to his Opendoor thesis.
Past Success Drives Confidence
In 2023, Jackson made a bullish call on the online used car dealer when shares traded below $5. Carvana stock now trades above $340, validating his contrarian approach.
Jackson has stated he’s taking a long-term view on Opendoor. He emphasized he’s not looking to pump and dump the stock.
The combination of institutional buying and activist pressure is creating a unique dynamic. Retail traders are watching closely as professional investors take positions.
Thursday’s rally extended a five-day winning streak that saw shares climb about 60%. The stock had been building momentum before the hedge fund disclosures became public.
Trading volume has remained elevated as both retail and institutional interest converges. The 13F filings show professional money managers see value in the current price.
Qube Research & Technologies and Weiss Asset Management are both quantitative-focused firms. Their positions suggest algorithmic models identified Opendoor as attractive during Q2.
The timing of these purchases coincided with the stock’s meme rally period. However, the hedge funds likely established positions based on fundamental analysis rather than social media hype.
Current trading activity shows the stock maintaining its appeal across different investor types. Retail enthusiasm combined with institutional backing creates a potentially volatile mix.
The latest regulatory filings revealed the institutional positions as of June 30. Both hedge funds could have adjusted their stakes since then.
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