Opendoor Technologies (OPEN 2.21%) remains a top meme stock. Names like AMC Entertainment and GameStop may still get some speculative activity from retail investors, but speculation about a further bull run remains more prevalent with shares in this real estate iBuyer.
Yet, while the stock has held onto most of its meme-related gains, things could play out quite differently in 2026. Why? Mostly, due to a macroeconomic backdrop that could limit the company's turnaround potential.
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Why Opendoor experienced "meme mania" in 2025
Meme mania kicked off for Opendoor Technologies last summer. That's when hedge fund manager Eric Jackson began making the bull case for the real estate technology company on social media.
NASDAQ: OPEN
Key Data Points
Jackson's bull case was that the company will experience a growth resurgence, as well as figure out a way to monetize its housing market data.
Setting a $82 per-share price target, 100 times what the stock was trading for at the time the meme wave started, Jackson's posts spurred a flurry of retail investor speculation. Within months, shares rallied over 13-fold, to as much as $10.87 per share.
Be careful going into 2026
Opendoor hit double-digit prices in September. That's when the company's co-founders returned to the board and when a new CEO -- Kaz Nejatian, formerly Shopify's COO -- came on board to lead a turnaround . Around this time, one of the co-founders, Keith Rabois, noted in an interview that the company could do without as much as 85% of its employees. Massive layoffs have yet to happen, and excitement about the turnaround has fizzled somewhat.
Shares have only moderately declined from this year's highs, but that's hardly an invitation to buy the dip. 2026 housing market predictions remain mixed at best.
The latest sell-side analyst earnings estimates also still predict significant losses. This suggests that Opendoor may need to raise additional capital, potentially leading to further share dilution. Unless Opendoor's results suddenly improve in the next quarter, "meme mania" could further dissipate. I'd be cautious about buying the stock.
