Opendoor Technologies Inc. (NASDAQ:OPEN) surged 6.55% in after-hours trading on Wednesday, following a nosedive earlier in the day. Here’s all you need to know.

Check out how OPEN stock is trading

What Happened: Opendoor’s stock, which had been on a bull run, dropped by 20.49% to $2.29 in the regular trading session, but after a 6.55% rebound later in the after-hours session, the stock is valued at $2.44. The swing is driven by retail investor hype and viral buzz across and notable backing from Eric Jackson, founder of EMJ Capital.

The stock of the Arizona-based digital real estate company had been on a remarkable rally, gaining over 75% in the past week, driven by retail investor interest and social media hype.

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Why It Matters: The sudden drop in Opendoor’s stock price during the regular session comes amid a broader trend of meme stock volatility. Earlier this week, Krispy Kreme joined the meme stock frenzy, with its stock soaring by 34.4% in premarket trading on Wednesday.

The rollercoaster ride of Opendoor’s stock has been a subject of much discussion. The stock had experienced a breathtaking drop on Monday, only to climb again on Tuesday. The stock was also halted on a circuit breaker to the upside, after a 14.6% increase, and then resumed trading.

Despite the recent volatility, Opendoor’s stock had been on a strong upward trajectory, with a gain of over 480% in the past month, largely driven by retail traders.

 Price Action: After a dip of 20.49% Opendoor stock closed at $2.29 during regular trading hours on July 23.

With a strong Momentum in the 92nd percentile, Benzinga’s Edge Stock Rankings indicate that OPEN has a Value score of 73.19. Know how its momentum lines up with well-known names like Ross Stores Inc (NASDAQ:ROST) and Zillow Group Inc (NASDAQ:ZG).

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