OPEN Stock Surges 11% in Best Day Since January, Volume Doubles

Opendoor Technologies, Inc. (OPEN) stock surged nearly 11% on Thursday, marking its biggest one-day gain in nearly six months, and extended the climb in overnight trading. The rally came without a clear catalyst but was driven by a combination of continued buying following the company's inclusion in the Russell 3000 Index last month, growing optimism around CEO Kaz Nejatian's turnaround strategy, and short-squeeze dynamics in the heavily shorted stock. OPEN rocketed from under $1 to more than $10 in just two months last year, drawing significant retail interest, but momentum has faded since its September peak, with shares repeatedly encountering resistance around $5.50 for much of this year.

The stock is up 26% from its recent low on June 23. Over 112 million OPEN shares traded hands on Thursday, more than twice the stock's average trading volume, according to Stocktwits data.

Retail Sentiment Shifts to Extremely Bullish on Stocktwits

On Stocktwits, retail sentiment for OPEN shifted to 'extremely bullish' as of late Thursday, from 'neutral' the previous day, with 24-hour message volume rising 220%.

One trader wrote: "$OPEN Been holding $OPEN since last September. The insane volume and short pressure we are seeing right now foretell an unprecedented breakout alongside improving fundamentals. This is a rare, once-in-a-lifetime setup."

Another stated: "$OPEN finally got real volume behind it --- 112M shares. Not just noise. Breakout stays alive as long as $5.60--$5.70 holds. That's the line. Above it, shorts remain trapped and the blue-sky push can keep feeding. Lose that zone and the trade cools quickly. Simple setup, no need to dress it up."

Opendoor Reports 38% Revenue Decline in Q1

Opendoor's first-quarter revenue declined 38% year over year to $720 million. The top line has shrunk sequentially for the past four quarters. Q1 net loss more than doubled to $173 million, according to results issued in early May.

OPEN stock is down 9% year-to-date.

FAQ

What happened to OPEN stock on Thursday?

Opendoor Technologies stock surged nearly 11% on Thursday, its biggest one-day gain in nearly six months, with trading volume exceeding 112 million shares — more than twice the average. The rally extended into overnight trading.

Why did OPEN stock rally without a clear catalyst?

The surge was driven by a combination of continued buying following Opendoor's inclusion in the Russell 3000 Index last month, growing optimism around CEO Kaz Nejatian's turnaround strategy, and short-squeeze dynamics in the heavily shorted stock.

How did Opendoor perform financially in Q1?

Opendoor's Q1 revenue declined 38% year over year to $720 million, marking the fourth consecutive quarter of sequential revenue decline. The company's net loss more than doubled to $173 million.