Live: OpenDoor (Nasdaq: OPEN) & Navitas Lead Momentum Stocks on July 21

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OpenDoor Mentions Skyrocketing on WallStreetBets

1:12 pm
by Eric Bleeker

Since we first published this live blog, mentions of OpenDoor have skyrocketed even higher on WallStreetBets.

Third-party tracking site AltIndex now has 263 mentions of OpenDoor, which is higher than second place Tesla’s 232. Behind those stocks is Alphabet, Robinhood, NVIDIA, UnitedHealth, RocketLab, GameStop, and AST SpaceMobile.

OpenDoor Surges To New Highs

1:11 pm
by Eric Bleeker

As of 1:11 p.m. ET, OpenDoor shares have hit $4.37 and are now up 94% on the day.

OpenDoor Tests Daily High of $4.26

12:22 pm
by Eric Bleeker

OpenDoor reached its high today at 11:35 a.m. when shares hit $4.26. Shortly after that peak fell back to $3.69 at 11:55 a.m. ET.

As of 12:22 p.m., the rally ahs resumed and OpenDoor is trading for about $4 per share.

The broader market is having a strong day today with the Nasdaq up .65% and the S&P 500 up .56%. 

Yet, one segment of the market is outperforming everything else: that’s the new meme stocks. We’ve come a long way from the rallies in stocks like Gamestop and AMC that dominated 2021, and a crop of new companies has captured retail investors’ attention. 

The number one stock in focus right now: OpenDoor (Nasdaq: OPEN). 

OpenDoor’s rally began after Eric Jackson posted on X that he believed the stock could reach $82 per share. He said:

“Over the last month, my X impressions have exploded talking about $BTQQF $IREN and $CIFR because everyone is looking for the next $CVNA. We think we just found another.

has taken a position in $OPEN — and we believe it could be a 100-bagger over the next few years.”

The price target of $82 was essentially OpenDoor’s share price at the time, times 100. Very scientific, I know. 

Yet, Jackson calls himself “the Carvana hedge fund guy” and his cheerleading of OpenDoor has attracted plenty of attention. After Carvana’s 100-fold surge from the bottom, investors are rabdily looking for the next great turnaround story.

This live blog will be watching activity in the momentum stocks today with a focus on which stocks are seeing the biggest movements. 

Momentum Stock Leaderboard 

Among stocks that have become retail favorites in the current market rally, here’s a look at some of today’s biggest movers:

• OpenDoor: Up 72% as of 12:05 p.m. ET. The company is now worth more than $2 billion. Shares are now up 144% year-to-date, yet many investors buying into the rally are surely lookign at the long-term chart and seeing OpenDoor hit $35 per share back in February 2021. There’s no specific news on the company today. However, third party data tracking WallStreetBets discussions have OpenDoor passing Tesla (Nasdaq: TSLA) as the most discussed stock in the past 24 hours. 
• Navitas Semiconductor: Up 30% midday. The company opened the day trading for about $7.44 per share, but has since zoomed higher to $8.75. There doesn’t appear to be any news related to the company, but Navitas has been a popular stock since they announced a collaboration with NVIDIA on their 800-volt HVDC architecture. 

Momentum Stocks Dropping Today 

While OpenDoor and Navitas are surging, a few popualar momentum stocks are having tougher days. 

Lucid (Nasdaq: LCID) is down 8.8% while QuantumScape (NYSE: QS) is down 14%. 

If you’re looking for news on QuantumScape, good luck. It’s largely all AI-generated slop (womp womp). The reality is there doesn’t seem to material news. The stock is up 198% in the past month and it’s likely that some large investor (or investors) is taking profits today. The story is similar for Lucid, the stock has skyrocketed in recent weeks thanks to a partnership with Uber and investors are likely taking profits today rather than any material information impacting the company’s share price. 

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