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Open Door technologies surges for second straight day amid online chatter
Home sweet home (CSA Images/Getty Images)

Money-losing microcap Opendoor surges amid r/WallStreetBets chatter

The shares are up roughly 30% in the last two days.

Matt Phillips

Online real estate sales company Opendoor Technologies is surging for the second straight day on little news but a marked uptick in chatter over at r/WallStreetBets, where it seems some are centering on the microcap company as a low-priced, juicy target for potentially squeezing some shorts.

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Opendoor — which has posted five straight annual net GAAP losses and was down nearly 90% over the 12 months that ended in June — has attracted the attention of short sellers over the last few months, who’ve scooped up more than one-fifth of the public float.

But some of them are scrambling to get out of the trade quickly Tuesday following a surge to buy call options for Opendoor. Shortly after 12 p.m. ET, more than 150,000 calls had been purchased on the stock, trouncing the typical 23,000 20-day average and appearing to set off a second day of a squeeze, after a similar unusual surge in call options buying yesterday.

Coordinated usage of the embedded leverage in the options market to amplify the upward pressure on a share price in order to set off a squeeze is very much a preferred technique of traders who’ve congregated at Reddit’s r/WallStreetBets forum in recent years.

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