Why Opendoor Technologies Stock Is Skyrocketing Today

Key Points

• Opendoor stock is gaining ground following better-than-expected July home sales data.

• The real estate specialist's share price may also be climbing thanks to recent comments from an investing podcast host.

• Opendoor's incredible rally has seemingly been aided by meme stock trading, but that might not be a reason to write the company off.

• 10 stocks we like better than Opendoor Technologies ›

Opendoor Technologies (NASDAQ: OPEN) stock is posting big gains in Thursday's trading. The real estate services specialist's company's share price was up 9.6% as of 1:30 p.m., despite pullbacks of 0.7% for both the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC). The stock had been up as much as 15.2% in morning trading.

Opendoor's valuation is getting a substantial boost following the latest report from the National Association of Retailers (NAR). The stock may also be getting a jump-start from recent commentary from a financial podcast host.

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Opendoor rises on unexpected increase in home sales

The NAR published its real estate report for July this morning, and its data is being interpreted as a bullish sign for Opendoor. The organization's data showed that sales of previously owned homes rose 2% on a sequential monthly basis to a seasonally adjusted annual rate of 4.01 million -- a development that bodes well for engagement on the company's platform. Existing home sales were up 0.8% year over year, and the median price on a closing rose 0.2% to $422,000.

Is Opendoor really a meme stock?

As of this writing, Opendoor is up 374% over the last three months -- and the gains have pushed the real estate specialist's market cap back up to roughly $2.6 billion. Some investors and analysts have chalked the company's incredible valuation gains up to meme stock trading, but investing podcast host Anthony Pompliano recently rejected that thesis.

In messages posted on X, Pompliano stated that Opendoor's valuation surge reflects the growing influence of retail investors and stated that active traders in the category have come to resemble a "decentralized hedge fund" that works together to identify and support the best investing ideas. The two dynamics aren't necessarily mutually exclusive, and the level of retail support along meme-trading and other lines is likely to continue being a key factor in Opendoor's near-term stock performance.

Should you invest $1,000 in Opendoor Technologies right now?

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.