Opendoor (OPEN) And Offerpad (OPAD) Spike In After-Hours Trading: What's Going On?

Opendoor Technologies Inc. (NASDAQ:OPEN) shares are trending on Tuesday night.

OPEN edged higher in after-hours trading on Tuesday, rising 2.11% to $5.56. The late session surge followed a regular session gain of 1.87% to $5.45, according to Benzinga Pro data.

Tuesday’s session saw volume hit 77.04 million shares, which is more than double its 36.19 million average, while short interest sits at an elevated 14.4%.

The stock of the California-based technology-enabled real estate company is part of a broader meme stock mania, alongside Avis Budget Group (NASDAQ:CAR) and Lucid Group (NASDAQ:LCID), as short sellers face pressure across heavily-shorted names.

Housing Data Adds Fundamental Tailwind

Fresh housing data offered further support to the stock. On Tuesday, the National Association of Realtors reported pending home sales climbed 1.5% month-over-month in March.

Dr. Lawrence Yun, NAR Chief Economist, said, "Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand."

Opendoor peers Offerpad Solutions (NASDAQ:OPAD) and Zillow Group (NASDAQ:Z) also gained 4.28% and 2.38% in after-hours trading, respectively, reflecting broad strength in the digital real estate sector.

Trading Metrics, Technical Analysis

Opendoor has a market capitalization of $5.22 billion, with a 52-week high of $10.87 and a 52-week low of $0.51.

The Relative Strength Index (RSI) of OPEN stands at 62.02.

The mid-cap stock has gained 486.02% over the past 12 months.

Opendoor is trading at about 48% of its 52-week range.

Benzinga's Edge Stock Rankings indicate that OPEN is experiencing mid-term consolidation along with long and short-term upward movement.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.