Live: OpenDoor (Nasdaq: OPEN) & Navitas Lead Momentum Stocks on July 21
Key Points
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OpenDoor shares are surging again on Monday. They hit $4.26 at 11:35 a.m. ET.
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Navitas is also seeing large gains today. We’ll be following these two stocks and the broader momentum space in this live blog. New posts will automatically update.
Live Updates
Trading Day Over
At the end of the day, OpenDoor closed up 42.67%. That’s a mammoth gain for any trading day, yet I’d imagine plenty of investors were disappointed with the way it ended.
Options traders had been making massive bets on OpenDoor to hit $4.50, so there appears to have been some major profit taking with shares trading comfortably above that level in late trading. OpenDoor from trading for $4.88 at 2:40 p.m. ET down to $2.94 at 3:35 p.m. ET.
Yet, it is worth noting that shares rallied into the bell and are up another 6.5% after-hours as of 4:18 p.m. ET.
One thing is for certain: tomorrow will be another wild ride.
Trading resumes
After losing 30% plus in value after a mega trade triggered a pause on the stock, OPEN is back up to $3.95 per share and still up 70% on the day.
OPEN stock trading halted
After soaring as high as 115% today OPEN just received a massive sell order that prompted a trading freeze on the stock. Around 3 PM EDT, a 35 million share trade order was received the stock was set to plummet.
OpenDoor Now Past 100% Gains Today
OpenDoor is now up 110% on the day.
Volume stands at 1.2 billion shares traded, which is 12X more than OpenDoor’s usual level. We still have two more hours of trading left in the day.
OpenDoor Mentions Skyrocketing on WallStreetBets
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
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
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.
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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