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‘Cult stock’ Opendoor has hit a three-year high. And this is why.

1. Opendoor shares surged over 16%, reaching their highest close since August 2022. 2. Eric Jackson asserts Opendoor is not a meme stock but a cult favorite. 3. CEO Carrie Wheeler's resignation has been welcomed by bullish investors. 4. Short interest stands at 24.3%, indicating significant market activity. 5. Opendoor plans to focus on artificial intelligence, despite mixed expert opinions.

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FAQ

Why Bullish?

The stock's significant recent gains and endorsements indicate strong investor confidence. Similar patterns in heavily shorted stocks have often resulted in price increases.

How important is it?

The article presents significant developments that can sway investor sentiment positively, enhancing trading activity.

Why Short Term?

The market enthusiasm and price rise may prompt immediate speculative buying. Historical spikes in shorted stocks indicate potential for short-term volatility.

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