Real estate e-commerce stock Opendoor Technologies Inc (NASDAQ:OPEN) is continuing to rally after dovish commentary from Fed Chair Jerome Powell lifted housing market optimism. Extending Friday's 39.2% pop, OPEN was last seen up 8.4% at $5.43 and trading at fresh three-year highs. Since the start of the year, the "new meme stock" is sporting a roughly 237% lead.
Analysts are surprisingly bearish on the equity considering its price action, with both Citigroup and KBW downgrading the stock "sell" and "underperform" earlier this month, respectively. At this point, only one of the 12 analysts in coverage carries a "buy" rating on OPEN. Furthermore, the average 12-month price target of $1.24 is a 77% discount to current levels.
Options bulls, on the other hand, have been targeting OPEN in full force. The stock landed 5th on Schaeffer's Senior Quantitative Analyst Rocky White's list of equities with the highest options volume over the past two weeks. In the last 10 sessions, the stock has seen 7,820,695 calls and 2,018,798 puts exchanged, with the most activity at the weekly 8/22 4-strike call.
Call traders are still targeting OPEN today, with overall options volume already at 2.1 times the daily average. So far today, 1.2 million calls have been exchanged in comparison to 491,000 puts. The weekly 8/29 5-strike call is the most popular, with new positions being opened there.
