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$5 Not Looking Likely Today
Anything can happen of course, particularly as we approach the close in a couple of hours, but as of 1:20pm, OPEN remains down 3.7% on the day on tapering trading volume. Normally after large moves like yesterday’s, so called meme stocks like OPEN tend to either continue their journey upwards or revert downwards, in both cases by double digit percentages.
So today’s slightly downward movement is a bit of a rarity. We’ll continue to follow OPEN throughout the day.
Shares Flat
As of 11:07 a.m. ET, shares are flat to slightly in the red again.
Yesterday, other popular momentum stocks like Lucid and QuantumScape fell, but both those stocks are slighlty positive today.
In general, the key market theme today has been a rotation out of risk. Many of the most popular momentum/meme stocks are seeing large declines.
Among other popular Wallstreetbets stocks, Kohl’s is up 36% and has been steadily rising since about 10 a.m. ET.
Currently at 7% Gains
The whipsaw price action continues and Opendoor shares are now up a little under 7% as of 10:51 a.m. ET.
It’s worth noting this is below the $4.50 options that were the most popular buy yesterday. We’ll see if there are enough buyers to make another run at $5 today (Opendoor peaked at $4.88 yesterday).
Wall Street's Hottest Stocks: Opendoor and ... Kohl's?
Looking at third-party data on Wallstreetbets, as expected Opendoor is the most mentioned stock right now.
Another name that might be surprising is Kohl’s (NYSE: KSS). The stock opened up nearly 100% this morning before gains faded. It’s still up 30% as of 10:19 a.m. ET and the second most discussed stock on WSB.
"We're So Back" - Opendoor Investors
The rollercoaster continues! After dropping to about $2.90 at 9:56 a.m. ET, Opendoor shares have skyrocketed back to $3.68 at 10:09 a.m. ET.
They’re now up about 15% for the day.
OPEN Now Negative
Shares of Opendoor have been falling since the open and are negative.
- Volume is now more than 3 times Opendoor’s average daily amount 30 minutes after market open
- The broader market is selling off, which is adding to selling pressure
- It looks like buyers may be stepping in after Opendoor bottomed at 9:56 a.m. ET
We’ll continue monitoring the situation and posting updates.
Opendoor Volatile in Early Trading
Opendoor shares are officially trading and as you can expect, it’s a volatile day. Shares initially traded up 21% but within a couple of minutes, were trading up 17%.
Within three minutes, daily volume had already exceeded the average volume Opendoor has seen across the past three months.
Where Will Shares Open Today?
Opendoor shares have been rising steadily throughout the morning and are now up about 21% as of 9:19 a.m. ET.
We are little more than 10 minutes from the opening bell.
The biggest storyline in the stock market on Tuesday is what happens to Opendoor (Nasdaq: OPEN) throughout the trading day.
We were following the stock yesterday in a live blog and the day was an absolute roller coaster. After shares were up roughly 120%, they saw a steep fall from $4.88 at 2:40 p.m. ET down to $2.94 at 3:35 p.m. ET.
Shares rebounded slighly before the close, and appear poised to open up once the market opens again today.
Why Are Opendoor Shares Surging?
The short answer is that we’re seeing a repeat of the Gamestop (NYSE: GME) saga from 2021. Call buying on OpenDoor has been extreme which has led to upward pressure on its share price.
We’re not here to lecture everyone, and we’re sure most people buying Opendoor shares realize this is effectively gambling, but it is worth noting that while these ‘game squeezes’ can be incredibly powerful in the short run, they generally run out of steam and the drawdown can be swift and severe (as we saw yesterday afternoon when shares dropped 40% in less than an hour).
Of course, Opendoor bulls would note that Gamestop was trading for around $1 per share in August 2020 and $4 per share before retail fervor hit the stock and still trades for $24 today.
So, arguments could be made that Opendoor (prior to today’s opening) is still ‘only’ up 27% if you look back across the past year. The further you pull back the stock chart, the more negative long-term returns look.
Regardless, today should be excited and we’ll be following the biggest news in today’s live blog including analysis of retail sentiment and references to Opendoor on popular stock trading communites like Wallstreetbets.
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