Why Opendoor Technologies Stock Is Plummeting Today
Shares of Opendoor Technologies (NASDAQ: OPEN) are falling on Tuesday, down 6% as of 3:03 p.m. ET and dipping as low as 16.8% earlier in the day. The drop comes as the S 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were little changed.
Opendoor's stock is retreating after its recent monster run. The stock appears to be the latest meme stock, and its ascent has been largely driven by a surge of retail investor activity.
Opendoor Technologies, a technology company that automates the buying and selling of real estate, has become the latest meme stock. Retail investors, especially those from Reddit's Wallstreetbets subreddit, have driven the stock up nearly 440% in the last month. The run started after hedge fund manager Eric Jackson of EMJ Capital publicly announced his firm had taken a position in Opendoor, touting it as a potential "100-bagger" stock.
Source Fool.com
