After soaring 136.36% on Monday, Offerpad Solutions Inc. (NYSE:OPAD), an iBuying platform, is showing no signs of slowing down, with the stock up another 20.6% after hours at the time of writing this.
The other “meme stock” surge of the day, Inno Holdings Inc. (NASDAQ:INHD), which makes steel-based construction technologies, among other things, is however, taking a breather following its 254.45% rally, with the stock down 10.32% after hours.
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On the other hand, the original iBuying platform, and the company that sparked this latest “meme stock” frenzy, Opendoor Technologies Inc. (NASDAQ:OPEN), is taking a breather from its 790% rally since late June, with the stock declining 9.38% during the day, but rising 0.88% after hours.
Rate Cut Hopes Spur Rally
The common theme across these three companies is a focus on housing and real estate, which investors hope will get a boost following Fed Chair Jerome Powell’s dovish comments and hints at a rate cut in September during his speech at Jackson Hole last week.
Offerpad Solutions and Opendoor, both similar businesses in the iBuying space, are set to benefit from the “unfreezing” of the housing market if the rate cuts are realized, resulting in higher sales activity in a market that has been weighed down by interest rates.
Inno Holdings, however, is more diversified, with subsidiaries in areas such as phone recycling, wholesaling, and more. It, however, has a building technologies business that is set to see tailwinds as interest rates come down.
Opendoor shares were down 9.38% on Monday, closing at $4.54 per share, but are up 0.88% after hours. The stock scores high on Momentum and Value in Benzinga’s Edge Stock Rankings, with a favorable price trend in the short, medium and long terms. Click here for more insights, and to see how it compares with Offerpad Solutions.
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