Opendoor Technologies Inc (NASDAQ:OPEN) shares are trading higher Wednesday morning as traders latch onto a bullish turnaround narrative that argues a frozen housing market could actually set up the next leg higher for iBuying.
- Opendoor Technologies shares are powering higher. What’s behind OPEN gains?
$82 Price Target Frames High-Conviction Turnaround Bet
Opendoor's rally is being fueled by a fresh bull case that pegs upside to an $82 target, leaning on "deferred" demand in a 6.33% mortgage-rate backdrop and the idea that "turnarounds are messy."
EMJ Capital founder Eric Jackson is sticking with an $82 price target on Opendoor, framing it as about 1,800% upside from where the stock was trading around $4.31 in his note. His thesis leans on "deferred" (not destroyed) housing demand in a roughly 6.33% mortgage-rate environment and a reset operating model under new CEO Kaz Nejatian.
Jackson's pitch centers on the stock being mispriced for a corporate rebuild, arguing the payoff comes when rates eventually fall and volume "coils" back into the market, even if the path is volatile. He summed up the setup bluntly: "Turnarounds are messy. That's why they're cheap," in turnarounds are messy framing that's resonating with momentum traders.
Carvana Comeback Narrative Fuels Bullish Sentiment
The bull case also leans on the idea that the "straight line was always a lie," with Jackson explicitly pointing to Carvana's historic rebound as a template for how a heavily shorted, heavily doubted turnaround can re-rate when execution improves.
Opendoor Shares Face $5.50 Resistance as Bulls Fight for Control
Opendoor is sitting in the middle of its 52-week range (51 cents to $10.87), which fits a stock that's still digesting a big prior run. It's trading 1.4% below its 20-day simple moving average (SMA) and 17.5% below its 100-day SMA, a mix that leans to short-term stabilization but a still-damaged intermediate trend.
The moving average structure is still heavy: the 20-day SMA is below the 50-day SMA, and the death cross that formed in March (50-day crossing below the 200-day) keeps the longer-term trend pressure in focus. With resistance near $5.50 and support near $4.50, the chart is basically defining the current "prove it" zone for bulls versus a level where buyers have recently shown up.
The moving average convergence divergence (MACD), a trend/momentum measure, is below its signal line and the histogram is negative, which points to momentum still leaning bearish after the April 2025 bearish cross. In everyday terms, MACD staying under its signal line means rallies are having trouble building sustained follow-through.
- Key Resistance: $5.50 — a level where recent rebounds have tended to stall.
- Key Support: $4.50 — an area where demand has recently defended pullbacks.
Wall Street Sees Narrower Loss Despite Revenue Decline
Following last quarter's results, investors are now tracking the path toward the next reporting date on May 5.
- EPS Estimate: Loss of 6 cents (Up from Loss of 9 cents YoY)
- Revenue Estimate: $666.95 million (Down from $1.15 billion YoY)
OPEN Shares Climb Wednesday
OPEN Stock Price Activity: Opendoor Technologies shares were up 4.88% at $4.73 at the time of publication on Wednesday, according to Benzinga Pro data.
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