Opendoor Technologies (OPEN +4.96%) has attracted attention in recent months by making a dramatic recovery. The one-time pandemic stock saw its fortunes reverse in the 2022 bear market and beyond, as it fell to penny-stock status. As recently as June, it traded as low as $0.51 per share.
With the stock now above $7 per share, Opendoor has attracted new interest. That may leave investors wondering whether it can be a ticket to millionaire status, or is the hype temporary and fleeting?
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The state of Opendoor
Opendoor came about originally as a site that sought to remove much of the friction in buying and selling homes. It would tender cash offers to sellers who wanted out of their homes, make any necessary repairs, and then find a buyer for those homes.
However, this iBuying model broke down in 2022 as prices fell and high interest rates depressed sales; Opendoor often had to sell homes at a loss. That led to the aforementioned decline in the stock price. Today, while Opendoor still buys and sells homes, it has evolved into more of a generalized selling platform that also allows for listings by agents.
Still, rather than these changes bringing investors back to Opendoor stock, it has instead benefited from a "meme stock" status. Sites such as Reddit's /WallStreetBets highlighted the heavy short interest in the stock, prompting that site's followers to bid up Opendoor's share price. Also, hedge fund manager Eric Jackson of EMJ Capital stated his belief that it could reach $82 per share and speculated that a $500 per-share price target was possible.
One might wonder whether the meme stock buying has run its course. The stock peaked at $10.52 in September and has steadily dropped. Since achieving that 52-week high, Opendoor stock is down by about a third.
Additionally, meme stock buying rarely ever brings sustainable stock price growth. For example, GameStop, arguably the most successful meme stock in history, trades at an 80% discount to its 2021 high.
NASDAQ: OPEN
Key Data Points
Other challenges
Furthermore, investors hoping to become millionaires from a relatively small investment have already missed the 13-fold increase in the stock price from its low.
If one bought 10,000 shares at the $0.51-per-share low, that shareholder would have invested $5,100 and would hold $70,500 in stock, as of Dec. 8. At that point, an investor would need to the size of the position to gain 14-fold to take their investment's value above $1 million.
In comparison, an investor starting off at the time of this writing with that same $5,100 would own only 713 shares and would have to see their investment gain almost 200-fold to surpass the $1 million mark.
Moreover, the company's financials appear to offer little help in either scenario. In the first nine months of 2025, its $3.6 billion in revenue was down 11% compared to the same period last year. During that time frame, net losses narrowed to $204 million versus $279 million one year ago.
Looking forward, analysts forecast revenue to grow 12% in 2026. Still, it is unclear whether that trend can continue past next year. Without an obvious path to continued financial improvements, Opendoor stock will likely struggle to sustain long-term growth.
Opendoor as a millionaire maker
Over time, Opendoor is unlikely to turn small investors into millionaires.
Indeed, Opendoor stock has become highly profitable for investors who bought shares at or near its 52-week low. Also, if Eric Jackson's $500-per-share prediction were to play out, investors could get close to that mark.
However, the meme stock craze appeared to run its course in September, and the stock has gradually pulled back since then. Unfortunately, revenue continues to shrink, and it is far from clear that the predicted revenue recovery in 2026 will be enough to attract further buying.
Indeed, the market will continue to see the occasional stock come along that turns small investors into millionaires. Nonetheless, under current circumstances, investors should not expect such an occurrence with Opendoor stock.
