Shares of Opendoor Technologies Inc. ( OPEN ) are rising Thursday after a notable investor disclosed a substantial stake in the property technology company, which operates a platform where individuals can buy and sell homes.

What To Know: Opendoor ( OPEN ) stock is up more than 7% on Thursday after investment firm Jane Street disclosed a 5.9% stake in the company. In a 13G filing, Jane Street said it owns approximately 44.03 million shares of Opendoor ( OPEN ).

Opendoor ( OPEN ) stock has become popular among retail investors in recent months as Hedge fund manager Eric Jackson continues to argue the stock is undervalued on social media. The Opendoor ( OPEN ) investment thesis has also benefited from an anticipated rate-cutting cycle.

The U.S. Census Bureau and the Department of Housing and Urban Development released a report this week showing that sales of new single-family houses in August were at a seasonally-adjusted annual rate of 800,000, up 20.5% month-over-month. The median sales price of new houses sold in August was $413,500.

Opendoor ( OPEN ) shares have more than doubled over the past month and are up approximately 450% year-to-date, according to Benzinga Pro.

Opendoor ( OPEN ) beat expectations for revenue in the company’s latest fiscal quarter, and also achieved its first quarter of adjusted EBITDA profitability since 2022.

OPEN Price Action: Opendoor ( OPEN ) shares were up 7.74% at $8.87 at the time of publication Thursday, according to Benzinga Pro.

RSI is calculated at 72.50, indicating the stock is nearing overbought territory, which could lead to a pullback if momentum shifts. The MACD shows a bullish crossover, but the lines are converging, hinting at potential weakening momentum. However, Benzinga Edge rankings show a strong momentum score of 99.19.

Read Next:

Housing Set To Become ‘Even Less Affordable’ As Tighter Supply Faces Rising Demand With Rate Cuts: Focus On Buffett’s LEN, DHI Play

Image: Tada Images/Shutterstock.com