Watch out, AMC. There’s a new meme stock on the market.

Shares in Opendoor Technologies Inc. (Nasdaq: OPEN) have been on fire over the past week. Since Tuesday, July 15, OPEN stock has surged more than 188% as of Friday’s market close. And today, OPEN’s stock price is currently up an additional 27% in premarket trading. Here’s why, and what you need to know about the company.

Opendoor is a real estate tech company based in San Francisco, California. It was founded in 2014. The company offers an online platform that allows homeowners to quickly sell their homes by providing details about the property. After the homeowners answer questions about their property, Opendoor will make them an offer to buy it directly.

Once Opendoor purchases a home from a user, it will then often make necessary improvements to the home and then sell it to a buyer for a profit. In other words, Opendoor is a house-flipping company. It buys houses on the cheap, fixes them up, and flips them for a profit.

Opendoor went public through a special purpose acquisition company (SPAC) in 2020, and it currently trades on the Nasdaq.

Less than a year after OPEN stock publicly debuted on the Nasdaq, its shares surged. OPEN’s stock price went from around $11 per share in July 2020 to nearly $40 a share at one point in February 2021, according to data from Yahoo Finance.

But since then, the stock has cratered. By the end of 2022, CNBC notes, OPEN........

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