Opendoor's flawed business model struggles amid rising mortgage rates and housing downturns. Click here to read an analysis of OPEN stock now.

Meme stocks are back. Jolted by a sudden surge in Opendoor stock last week, a handful of other shares have ripped higher on interest from retail traders.

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Riding a fresh wave of meme stock mania, Opendoor Technologies Inc. (NASDAQ: OPEN) stock surged 4.55% in after-hours trading on July 24.

Despite the enthusiasm, Opendoor has significant financial troubles. The company's top line has plummeted from its height in 2022. The company's current annual run rate is well under a third of its 2022 sales. Opendoor has also never turned a profit and has significant negative cash flow.

The Opendoor stock price has gone parabolic this month, soaring to a multi-month high of $4.91. What next for Open shares?

Opendoor (OPEN) has become the latest meme stock phenomenon, surging 350% in the past month and 100% since hedge fund manager Eric Jackson began promoting it on social media as a potential “100-bagger.

Investors are piling into Opendoor, driving up the stock price of this small-cap company with high short interest. Some are calling it the next 100-bagger in the making. Where to invest $1,000 right now?