The ticker $OPEN has been heavily cited on WallStreetBets, the online forum behind the infamous GameStop mania in 2021.

Despite the enthusiasm, Opendoor has significant financial troubles. The company's top line has plummeted from its height in 2022. The company's current annual run rate is well under a third of its 2022 sales. Opendoor has also never turned a profit and has significant negative cash flow.

Opendoor stock took off last Monday after Eric Jackson, founder of EMJ Capital, announced his firm had taken a position in the company and said the stock “could be a 100-bagger over the next few years.” The term refers to stocks that return $100 for every $1 invested.

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After this rough patch, Opendoor has emerged as a much smaller company, buying less than 4,000 homes every quarter but one since 2022 compared to 15,000 at the peak in the September quarter of 2021.

Hedge fund manager Eric Jackson suggests that Opendoor's stock price could increase one hundredfold to $82 per share.

The latest meme-stock frenzy shows that “market psychology and crowd behavior can sometimes matter more than the numbers,” says Capital.com analyst Daniela Sabin Hathorn

Krispy Kreme and GoPro were among the companies riding the latest meme stock rally on Wednesday, as retail traders latched on to the highly shorted names a day after piling into the shares of department store company Kohl's.