Now, Opendoor Rival Offerpad Catches The ‘Meme Stock’ Bug

The little-known real estate platform's shares have rocketed over 300% so far this week.

Following Opendoor Technology's stunning meme-driven rally, investor interest has spilled over to its rival, Offerpad Solutions.

Offerpad was the second most-trending ticker on Stocktwits late Thursday, drawing an 'extremely bullish' (95/100) retail sentiment score, even as the stock swung sharply between gains and then losses.

Chandler, Arizona-headquartered Offerpad unveiled an open market sale agreement with Jefferies to sell shares worth up to $100 million, causing its stock to drop 27% in after-hours trading. 

Earlier in the session, the stock surged by a whopping 85% without any clear catalyst, lifting the company's market capitalization to approximately $190 million.

Offerpad has come into the limelight only recently, likely due to the meme-driven mania for Opendoor, whose stock has surged approximately 10 times over the past two months.

Offerpad had a wide swing-and-bust in mid-July, before picking up steam again this week. This stock has rocketed 312% so far this week.

Retail investors on Stocktwits were discussing the share sale plan, and called the after-market drop panic selling.

“$OPAD No need to panic it's still well above yesterday's closing price," said one user.

Offerpad was founded in 2015 and clocked $919 million in revenue in 2024. Its sales have declined in each of the previous two years, due to weakness in the U.S. housing market.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<