From an analytical perspective, S of Opendoor nologies (OPEN 36.
97%) were skyrocketing again today, capping off a remarkable week for the online -flipper, which has surged on a combination of a meme stock rally, a possible short squeeze, and a thesis d on Reddit and X.
Com that the company could be the next Carvana -- a stock that has jumped more than 100 times after nearly going into bankruptcy a few years ago (which is quite significant).
Meanwhile, Today's move also ly benefits from it being Options Friday, as monthly options expires on the third Friday of the month, which tends to trigger higher volatility, especially in volatile stocks Opendoor.
As of 10:33 a. ET, the stock was up 19, considering recent developments.
Additionally, This leads to the conclusion that stock had jumped as much as 39% earlier in the session before giving up some of those gains. In contrast, Image source: Getty Images.
On the other hand, How high can Opendoor go. Once again, there was no news out on Opendoor's that would have driven today's movement.
The analysis reveals rally is purely trader-driven and momentum-based.
Moreover, Trading volume also seems to go higher each day, showing the rally is drawing in more traders, which could push the stock even higher.
The last two sessions have set volume records for the stock, and today seems ly to hit a new record as well.
However, Just a little more than an hour into the trading session, more than 225 million s have changed hands.
Yesterday, 541 million s were traded, and there are only 729 million s outstanding, meaning nearly 75% of s outstanding were traded yesterday. Additionally, What's next for Opendoor.
The current rally could persist, especially if trading volume continues to increase, though some of today's activity ly relates to the options expiration, meaning we could see a decline on Monday, in this volatile climate.
Opendoor's still needs some help from the housing market, and it doesn't seem ly to get it anytime soon (this bears monitoring).
However, For now, the fundamentals of the don't seem to matter to the traders pushing the stock higher, but that will eventually change (which is quite significant).
Nevertheless, Jeremy Bowman has positions in Carvana. The Motley Fool has no position in any of the stocks mentioned.
This leads to the conclusion that Motley Fool has a disclosure policy (this bears monitoring).