Opendoor (OPEN) Stock Jumps 9% on Russell 3000 Inclusion and Bullish Momentum

TLDR

• OPEN stock rose over 9% on Wednesday, trading around $5.05
• Opendoor was added to the Russell 3000 Index, effective June 26
• CEO compensation is heavily performance-based, drawing investor attention
• EMJ Capital’s Eric Jackson has a long-term price target of $82 by 2028 and $500 by 2033
• Bullish options flow detected: 99,802 calls traded at 2x expected volume, Put/Call Ratio just 0.14

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Opendoor Technologies (OPEN) stock jumped more than 9% on Wednesday, trading around $5.05, as a mix of index inclusion, bullish analyst sentiment, and heavy options activity pushed the real estate tech stock higher.

Opendoor Technologies Inc., OPEN

The move came after Opendoor was added to the Russell 3000 Index, with inclusion effective at the close of June 26. That kind of index addition often brings fresh buying from funds that track the index.

Traders have also been watching CEO Kaz Nejatian’s pay structure, which is heavily tied to performance. The setup signals that leadership is aligned with long-term results rather than just showing up for a paycheck.

The loudest bull on the street right now is Eric Jackson of EMJ Capital. He’s called Opendoor “real estate’s Tesla moment” and put a price target of $82 on the stock by 2028, with a longer-term view of $500 by 2033.

Jackson’s thesis leans on Opendoor’s vertical integration, control of the asset class, and potential for real estate tokenization. That’s a big swing, but it’s getting attention.

Technical Levels to Watch

From a chart perspective, OPEN is trading 12.7% above its 20-day moving average of $4.51 and 5.8% above its 50-day moving average of $4.81. That puts the short-term trend in the bulls’ favor.

The longer-term picture is less clean. The stock is still 14.6% below its 200-day moving average of $5.96, meaning the broader trend hasn’t fully recovered yet.

MACD is above its signal line with a positive histogram, pointing to improving momentum. The death cross from March — where the 50-day crossed below the 200-day — still hangs over the chart as a reminder that the longer-term damage isn’t fully healed.

Key resistance sits at $5.50, a round-number level where prior rebounds have stalled. Support is at $4.50, which lines up with the 20-day moving average area.

Options Market Gets Aggressive

The options market told an even louder story on Wednesday. A total of 99,802 calls traded in OPEN, roughly 2x the expected volume.

The most active strikes were the 7/2 weekly $5 calls and the $5.50 calls, with nearly 32,200 contracts between them. Implied volatility climbed over 3 points to 85.43%.

The Put/Call Ratio came in at just 0.14 — a reading that suggests traders are overwhelmingly positioned for more upside in the near term.

Opendoor’s next earnings report is expected on August 6.