Retail investors have expanded the recent "meme stock" surge, which began with Opendoor Technologies, Inc. (NASDAQ:OPEN), to two new targets: Offerpad Solutions, Inc. (NASDAQ:OPAD) and Inno Holdings, Inc. (NASDAQ:INHD). Here's what to know:
- INHD stock is on fire. Watch the real-time price action here.
Opendoor, the original "iBuyer," or instant buyer, has seen its stock rise more than 200% this year. Online stock promoters took to social media and rallied individual investors around the real estate tech company.
The rally in Opendoor has apparently spread to other property-focused platform stocks, like Offerpad and Inno, on optimism that AI and tech-driven property businesses can disrupt traditional models.
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Heavy Trading
Both Inno Holdings and Offerpad stocks were trending on social media and experiencing significant trading volume.
Inno has a float of less than 7 million shares with more than 171 million shares traded at the time of publication on Monday. Offerpad's float is below 14.5 million with more than 133 million shares changing hands in Monday's session.
Driven By Rate Cut Hopes?
Shares of several homebuilding and housing-related stocks climbed after Friday's dovish remarks from Fed Chair Jerome Powell that suggested interest rate cuts may be ahead.
Lower interest rates could loosen housing market conditions and drive more sales activity in a market that has been largely frozen by high interest rates.
Offerpad offers nearly identical services to Opendoor, with a mostly online real estate platform and "cash offers within minutes."
Offerpad Price Action: OPAD stock was up 183% at $4.36 at the time of publication, according to data from Benzinga Pro.
INHD Business Lines
Inno has a different angle on "transforming raw materials into precise steel framing and prefabricated homes." Inno's website describes the company as a dynamic holding company at the forefront of the building technology industry.
However, retail traders are likely intrigued by Inno's pipeline of "upcoming" online platforms, which the company says will include a supply chain platform, AI testing platform and an online Newborn Dream Factory.
It should be noted that the planned online platforms Inno lists on its website are described as "support for phone recycling and supplying data support to build a transparent and fair 3C electronics second-hand trading platform" and "enabling the resale of second-hand electronic products."
Inno Price Action: INHD stock was up 241% at $4.48 at the time of publication Monday.
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