Why Opendoor Technologies Stock Was Skyrocketing Today

Key Points

• Opendoor is bringing in Shopify COO Kaz Nejatian as its next CEO.

• The company also brought back co-founders Keith Rabois and Eric Wu to serve on the board.

• Investors are hopeful they can help turn around the business.

• 10 stocks we like better than Opendoor Technologies ›

Shares of Opendoor Technologies (NASDAQ: OPEN) were soaring again today after the online home flipper overhauled its management team, announcing a new CEO and bringing back two of the company's founders onto the board.

That news helped stoke more confidence in the business, as the stock has jumped more than 1,000% in the last few months on a combination of a meme stock rally and bets that interest rate cuts will help drive a turnaround.

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As of 10:43 a.m. ET, the stock was up 58% on the news.

Image source: Getty Images.

Opendoor nabs Shopify's COO

Opendoor announced last night that Kaz Nejatian, the COO of Shopify, would be its next CEO. Nejatian had been at Shopify since 2019, where he's grown the e-commerce software business and developed its artificial intelligence (AI) strategy.

In a post on X, Nejatian explained why he was joining Opendoor, saying, "It is incredibly important that we use all of our energy and every modern tool at our disposal to build products that make homeownership easier."

In addition to the CEO change, Opendoor brought back co-founders Keith Rabois and Eric Wu to serve on the Opendoor board, saying that they would inject "founder DNA" into the company at a pivotal point, as new life has been breathed into the stock in recent months.

On Nejatian, Rabois said, "Literally there was only one choice for the job: Kaz. I am thrilled that he will be serving as CEO of Opendoor."

What's next for Opendoor?

The momentum in Opendoor stock over the last few months has been incredible, but there still have been fundamental changes to the business. New leadership could bring new energy and a strategic shift to the company, but the business model is still unproven.

Investors should expect Opendoor stock to swing again next week, when the Federal Reserve makes its interest rate decision. A 50-basis point rate cut, if it happens, would likely drive another surge in the stock.

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Jeremy Bowman has positions in Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy.