Now, Opendoor Rival Offerpad Catches The 'Meme Stock' Bug

Following Opendoor Technology's stunning meme-driven rally, investor interest has spilled over to its rival, Offerpad Solutions.

Offerpad was the second most-trending ticker on Stocktwits late Thursday, drawing an 'extremely bullish' (95/100) retail sentiment score, even as the stock swung sharply between gains and then losses.

Chandler, Arizona-headquartered Offerpad unveiled an open market sale agreement with Jefferies to sell shares worth up to $100 million, causing its stock to drop 27% in after-hours trading. 

Earlier in the session, the stock surged by a whopping 85% without any clear catalyst, lifting the company's market capitalization to approximately $190 million.

Offerpad has come into the limelight only recently, likely due to the meme-driven mania for Opendoor, whose stock has surged approximately 10 times over the past two months.

Offerpad had a wide swing-and-bust in mid-July, before picking up steam again this week. This stock has rocketed 312% so far this week.

Retail investors on Stocktwits were discussing the share sale plan, and called the after-market drop panic selling.

“$OPAD No need to panic it's still well above yesterday's closing price," said one user.

Offerpad was founded in 2015 and clocked $919 million in revenue in 2024. Its sales have declined in each of the previous two years, due to weakness in the U.S. housing market.

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