Retail traders are resurrecting a pandemic-era penny stock this week. Here's what's going on with Opendoor.

The determination is an unexpected reversal for the online location flipper, which went nationalist via a Chamath Palihapitiya SPAC backmost successful 2020 and has mostly been discarded by Wall Street arsenic a languishing penny stock.

Once valued astatine a marketplace headdress of implicit $15 cardinal and a highest banal terms of $35, shares fell from grace post-pandemic arsenic the lodging marketplace cooled and the institution experienced inventory write-downs. It's yet to station an yearly nett since going public.

Just 2 months ago, the institution received a informing from Nasdaq that it could beryllium delisted aft the banal terms failed to interruption supra $1 for 30 consecutive days. In June, Opendoor announced a peculiar gathering for aboriginal this period to sermon a reverse banal divided successful the bid of 1‑for‑10 oregon arsenic overmuch arsenic 1‑for‑50 successful bid to boost the worth of its outstanding shares.

A main operator down Opendoor's caller rally was a recent X station from EMJ Capital laminitis Eric Jackson, successful which helium elaborate his firm's presumption and concern thesis for the stock, arsenic good arsenic an $82 terms target.

The Canadian hedge money manager is assured that Opendoor is simply a heavy worth turnaround company, with the imaginable to turn revenues from astir $5 cardinal successful 2024 to $12 cardinal by 2029.

Jackson cited Opendoor's outgo cutting efforts and marketplace leadership, arsenic good arsenic imaginable complaint cuts arsenic affirmative catalysts for the stock. He besides called for absorption reforms wrong the institution and amended operational execution.

In Jackson's view, the banal has the imaginable to go a "100-bagger," returning implicit 1,000%.