Over the last month, my X impressions have exploded talking about $BTQQF $IREN and $CIFR because everyone is looking for the next $CVNA.
We think we just found another.
@EMJCapital has taken a position in $OPEN — and we believe it could be a 100-bagger over the next few years. Here’s why 🧵
Opendoor is under $1.
Most investors have written it off.
Wall Street isn’t even paying attention anymore.
But our AI model at @EMJCapital just flagged it a few weeks ago.
It’s giving us early $CVNA vibes — and that’s not a phrase I use lightly.
Remember when $CVNA was circling the drain at $3 in 2022?
Wall Street was convinced it was going bankrupt.
But they cut costs, stabilized, and the stock went up 100x.
Now it’s back at a $40B market cap.
$OPEN might be on the same path — just earlier then when we first got into Carvana at $11.
Next month, $OPEN is likely to report its first-ever quarter of positive EBITDA.
That would be a milestone.
It would also mark the end of “they’re going to zero” takes.
Just like CVNA in 2023 — that’s when sentiment started flipping.
Opendoor has cut costs aggressively.
They’re piloting a new asset-light model — working with agents to provide instant cash offers in addition to their core product.
Zillow and Redfin have exited iBuying — and Zillow gets a 7x EV/ forward revenue multiple on its referral buisness.
OPEN’s forward multiple? Just 0.26x.
CVNA’s forward multiple went from 6x to 0.5x to now 4x.
Let’s talk upside math.
If $OPEN goes to $12B in revenue in a few years (already the Bloomberg consensus estimate)…
And if the market gives them a 5x EV/revenue multiple again (as it did at the 2021 peak)…
That’s a stock price of $82.
100x from here.
They have no national competitors in iBuying anymore.
Everyone else has quit.
This is like $COIN in 2022:
Everyone pulled back or pulled out. Then the crypto market came back.
COIN was left standing — and ready.
Yes, $OPEN has significant debt.
Yes, next quarter’s earnings might be a dud.
This is not a stock for the faint of heart.
But if you’re hunting 100x returns, you can’t expect clean stories.
You need volatility, disbelief, and a huge upside.
I first mentioned $OPEN as a turnaround idea on @TheCompoundNews & Friends podcast in June 2022 with @Downtown and @michaelbatnick — same time I called $CVNA.
Even I gave up on it.
But now I’m back in.
And I’m pounding the table.
Over the past few weeks, I’ve been building a long position in $OPEN.
I’ve also bought LEAPs.
I believe the reward vastly outweighs the risk.
It won’t be a straight line, but I think it has all the ingredients of a 100-bagger.
You don’t get 100-baggers without upset stomachs.
But when you spot one early, with almost no one else watching —
that’s when the magic happens.
$OPEN is a bet we’re willing to take.
That’s what our LPs pay us to do.
Let’s see where this goes. 🚪📈
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