'Cult stock' Opendoor has hit a three-year high. And this is why.

By James Rogers

Noted investor Eric Jackson is keeping the stock firmly in the spotlight

Opendoor Technologies shares on Thursday registered their highest close since August 2022.

Shares of Opendoor Technologies Inc. climbed more than 16% on Thursday as noted bull Eric Jackson continued to champion the stock.

At $5.96, Opendoor shares (OPEN) registered their highest close since Aug. 15, 2022, when they closed at $6.01, Dow Jones Market Data show. The stock extended its winning streak to five days.

The heavily shorted name has seen a frenzy of activity in recent weeks, sending the stock skyrocketing, and sparking comparisons with prior meme-stock explosions.

However, Jackson, the founder of EMJ Capital, says that Opendoor is no meme stock. "Tell me again it's just another shooting star meme stock," he wrote on X Thursday afternoon. "THIS IS THE NUMBER ONE CULT STOCK WORLDWIDE."

Jackson posted an image of himself with Opendoor co-founder and noted venture-capital investor Keith Rabois, whom Jackson wants to see back on the company's board.

The e-commerce platform for residential property transactions recently announced that Chief Executive Carrie Wheeler was stepping down from her roles, something that Jackson and other bulls had been calling for. The company has said that its CEO search is "well underway."

On Tuesday, Jackson wrote on X that he was invited to meet with Opendoor leadership in San Francisco and subsequently spent time with people from the company and the board.

"They knew EVERY idea you've shared with me on X," he added. "They are GRATEFUL for our passion and persistence. They are COMMITTED to seeing this company's value fully realized."

He told the company representatives that he wants a seat on the board.

Jackson also wrote that they discussed his recent attempts to get rap superstar Drake to buy at least one share of Opendoor. "Basically, for Drake and also for all of his fans, it would be sort of an eye-opener to how important the stock market is, how much of an opportunity it is to create generational wealth, and that's a good thing," he said in a video posted on X from outside Drake's house earlier this week.

Opendoor has yet to respond to a request for comment on Jackson's post.

The company recently said that it is throwing its weight behind artificial intelligence, much to the delight of Jackson and other investors.

However, Erik Gordon, clinical professor at the University of Michigan's Ross School of Business, told MarketWatch he is skeptical about Opendoor's AI push.

Opendoor shares have risen 274.6% in 2025, compared with the S&P 500 index's SPX gain of 10.5%.

Short interest as a percentage of Opendoor's public float of shares is 24.3%.

MarketWatch data: These are the most heavily shorted stocks on U.S. markets

-James Rogers

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09-04-25 1633ET