Opendoor (OPEN 0.10%) stock is seeing substantial gains in Thursday's trading. The iBuying real estate company's share price was up 4.1% as of 1 p.m. ET and had been up as much as 11.7% earlier in the session.
After big sell-offs in Tuesday's and Wednesday's daily sessions, Opendoor stock is seeing some recovery momentum in today's trading. While there are no clear-cut, business-specific catalysts behind the move, there are a couple of factors that could be playing a role in the company's gains today.
Image source: Getty Images.
Opendoor stock rises as Q2 GDP comes in higher than expected
The U.S. Commerce Department published gross domestic product (GDP) data for this year's second quarter this morning, and growth came in stronger than anticipated. U.S. GDP grew at a 3.3% annual rate in Q2, topping the average economist forecast for growth of 3% in the period. While the real estate market has been seeing some mixed indicators lately, stronger GDP growth could help support home sales and create a more favorable operating backdrop for Opendoor.
NASDAQ: OPEN
Key Data Points
Did Opendoor stock inadvertently get a boost from Mad Money's Jim Cramer?
In yesterday's episode of Mad Money on CNBC, host Jim Cramer said that Opendoor was a "meme stock" and said that he wouldn't be jumping into the stock in hopes of profiting from the surge in bullish momentum it's seen this year. As of this writing, the stock is up 164% across 2025's trading.
While Cramer's comments on the stock could come across as negative or ambivalent, they may have also had the effect of bringing more attention to the company. Additionally, many meme-stock traders seem to have a negative view on the Mad Money host's coverage in general -- and some intentionally make trades that are contrary to his positions. On the other hand, Opendoor stock has been prone to making big moves on little or no news recently -- so it's impossible to definitively state that the stock's recent feature on Cramer's show is a driving factor in its move today.
