Jim Cramer Was Right When He Called Opendoor (OPEN) A Meme Stock

Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the 20 Stocks Jim Cramer Wanted You To Sell & Immediately Get Out Of.

Opendoor Technologies Inc. (NASDAQ:OPEN) is a real estate marketplace technology company. Its shares are up by 335% over the past year and are down by 29% year-to-date. Since Cramer discussed the firm on April 2nd, the stock is down by 48%. However, Opendoor Technologies Inc. (NASDAQ:OPEN)’s shares surged by roughly 816% between the CNBC TV host’s comments and September 11th. A notable jump occurred on the 11th when the stock closed a whopping 79% higher. On that day, Opendoor Technologies Inc. (NASDAQ:OPEN) yielded to hedge fund pressure and removed its CEO to appoint former Spotify executive Kaz Nejatian instead. On November 6th, the stock closed 9.3% lower on the same day, the technology company reported its third-quarter earnings report. The results saw Opendoor Technologies Inc. (NASDAQ:OPEN) post a $0.08 adjusted loss, which was higher than the $0.07 loss that analysts had penciled in. Here is what Cramer had said about the firm on April 2nd:

“Then you’re going to ring the register. We don’t want to be in a meme stock.”

Jim Cramer Was Right When He Called Opendoor (OPEN) A Meme Stock

Studio Grand Ouest/Shutterstock.com

While we acknowledge the risk and potential of OPEN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than OPEN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. 

Disclosure: None. Follow Insider Monkey on Google News.