Why Opendoor Technologies Stock Is Skyrocketing This Week

Key Points

• Opendoor stock has seen huge gains since naming Kaz Nejatian as its new CEO.

• Nejatian previously served as Shopify's chief operating officer and is bringing a heavy artificial intelligence (AI) focus to Opendoor.

• Opendoor cofounders Keith Rabois and Eric Wu are also returning to the company's board of directors.

• 10 stocks we like better than Opendoor Technologies ›

Opendoor Technologies (NASDAQ: OPEN) stock is posting massive gains in this week's trading. Heading into this Friday's market open, the company's share price was up 58.2% from the previous week's market close.

Opendoor's huge rally this week is mostly thanks to the company announcing Kaz Nejatian as its new CEO. The iBuyer real estate specialist also announced that company co-founders Keith Rabois and Eric Wu are returning to its board of directors.

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Opendoor stock scores incredible gains on CEO and board news

Opendoor stock is seeing explosive gains this week in response to news of some big leadership changes. Nejatian, who had previously served as chief operating officer and vice president of product at Shopify, has now been appointed as the company's CEO and also named to its board of directors. Opendoor began looking for a new CEO in August after Carrie Wheeler announced her resignation from the role following pressure from investors.

Opendoor investors also had a very positive response to Keith Rabois and Eric Wu being brought back to the company's board of directors. The return of Rabois in particular is something that EMJ Capital president and founder Eric Jackson and other vocal Opendoor shareholders had been pushing for.

What's next for Opendoor?

Bringing on Nejatian as its CEO looks like a good move for Opendoor, and the return of co-founders Rabois and Wu to the board of directors also looks like a positive development. Nejatian looks poised to push the company forward with strategies heavily centered on the integration of artificial intelligence (AI), and Rabois and Wu have foundation-level knowledge and experience that could help return the business to a more promising position in its corner of the real estate services market.

On the other hand, investors should keep in mind that Opendoor stock remains a very risky play. Following recent gains, the meme stock is now up roughly 411% year to date -- and those gains have come without clear signs of improvement for the business' fundamentals.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy.