Why Opendoor Technologies Jumped 79% in September
After surging through July and August, Opendoor Technologies (NASDAQ: OPEN) clocked another winning month in September.
The online home flipper, which caught fire as a meme stock back in July, continued to gain last month as it brought in a new CEO and two of its co-founders rejoined the board, showing real changes are afoot at the company. Additionally, the stock benefited from the Federal Reserve's first interest rate cut of the year and its forecast of two more cuts, as lower rates should bring down mortgage rates, bringing new life back to the housing market.
According to data from S&P Global Market Intelligence, the stock finished the month up 79%. As you can see from the chart below, it was a wild month for Opendoor, which skyrocketed on the CEO news before giving up some of those gains later in the month.
Source Fool.com
