Why Are Opendoor Shares Rising Premarket Today?

The newest favourite “meme stock” is back on investors' radar after steep gains in recent weeks.

Opendoor Technologies once again stirred buzz on Stocktwits as its shares climbed 3% in premarket trading on Wednesday, following a steep ascent in recent weeks.

The online real estate firm has become the new investor favorite "meme stock," swinging widely in response to signals such as interest from prominent figures and the Federal Reserve's dovish commentary.

The stock was the top trending ticker on Stocktwits as of 5 a.m. ET Wednesday. Retail investors noted FOMO (fear of missing out) trades and forecast an $8 stock price by the end of the week.

After a meme-buzz-driven rally and bust in July, Opendoor shares have risen sharply this month. They are up over 150% from this recent low on Aug. 7.

Shares of Opendoor jumped over 200% in just four days last month after a series of bullish comments by Eric Jackson, founder of EMJ Capital, sparked more optimistic commentary on forums.

More recently, the company's CEO resigned, triggering a search for a successor, while prominent podcaster Anthony Pompliano revealed a stake and joined the investor enthusiasm around the stock.

According to retail investors, the forthcoming CEO appointment could serve as another catalyst for the stock.

Opendoor shares are up 194% year-to-date, far outpacing the 10.1% gains notched by SPDR S&P 500 Trust (SPY) and a 12% rise in Invesco QQQ Trust (QQQ).

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