Opendoor (OPEN) Rockets 49.4% to New Record High as Investors Rally Behind Founder Return

We recently published 10 Big Names With Double-Digit Upsides. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of last week’s top performers.

Opendoor Technologies skyrocketed by 49.44 percent in just the past four trading weeks, hitting a new all-time high, as investors bought into a hedge fund’s campaign to bring back the former’s co-founder to the board to support business revival.

On Friday, Opendoor Technologies Inc. (NASDAQ:OPEN) touched a fresh 52-week high of $6.85 before trimming gains to end the day just up by 11.58 percent at 6.65 apiece.

Investors rallied behind a campaign by Eric Jackson—who owns a significant stake in the company—to bring back Keith Rabois to the board, believing that his bold, aggressive, and visionary, would support the company’s turnaround and revival.

Rabois’ business strategy compared with Opendoor Technologies Inc.’s (NASDAQ:OPEN) former CEO, Carrie Wheeler, who was more cautious and reactive.

In a post on X (formerly Twitter), Jackson said he believed the company could propel to as high as $82, $200, and even $500, but that the current board “will be long gone by then.”

Further spurring sentiment were high expectations of a lower interest rate at the Federal Reserve’s next FOMC meeting.

Opendoor Technologies Inc. (NASDAQ:OPEN), a real estate technology company that resells residential properties, is expected to benefit from the move on lower borrowing costs for prospective homebuyers.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.