Eric Jackson Bets On Housing Freeze To Be Opendoor's 1,800% Upside Catalyst: Turnarounds Are 'Messy'

1 hour ago 3

Rishabh Mishra

Sat, April 11, 2026 astatine 5:31 PM CDT 9 min read

Benzinga and Yahoo Finance LLC whitethorn gain committee oregon gross connected immoderate items done the links below.

Wall Street sees a frozen lodging marketplace arsenic the decease knell for iBuying, but EMJ Capital laminitis Eric Jackson views it arsenic the eventual catalyst for Opendoor Technologies Inc..

With shares trading astatine $4.31, Jackson is maintaining a staggering $82 terms target, representing an 1,802.55% upside, arguing that the marketplace is mispricing a extremist firm transformation.

Jackson asserts that the existent 6.33% owe complaint situation hasn’t destroyed lodging demand; it has simply delayed it. “He is describing deferred demand. Not destroyed demand. Deferred,” Jackson wrote successful his Substack post, citing his sources from Main Street.

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When rates yet drop, Opendoor’s recently rebuilt infrastructure volition beryllium perfectly positioned to seizure the coiled volume.

Acknowledging the stock’s caller volatility, monolithic header losses, and dilution, Jackson remains unfazed by the bearish sentiment.

"Turnarounds are messy. That’s wherefore they’re cheap," Jackson stated, comparing Opendoor’s existent authorities to Carvana Co.‘s historical rebound. "The consecutive enactment was ever a lie."

Opendoor's caller CEO was going to bargain the full company. Instead, he's rebuilding it successful public.

I built my presumption astatine $0.73. Published my $82 people astatine $0.87. The banal deed $10.87.

Now it's backmost astatine $4.31. Here's wherefore I inactive judge successful $82 (…and $200 and $500).

— Eric Jackson (@ericjackson) April 10, 2026

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The halfway of Jackson’s thesis rests connected Kaz Nejatian, Opendoor’s caller CEO. Nejatian precocious near his relation arsenic COO of Shopify Inc.—a $200 cardinal tech giant—to tally the $3 cardinal existent property steadfast for a $1 yearly basal salary.

“A COO successful enactment to tally a $200B institution doesn’t permission for a $3B institution unless helium sees thing extraordinary,” Jackson noted. “That’s not a vocation move. That’s a condemnation bet.”

Under Nejatian, Opendoor has fundamentally altered its operations. The institution slashed its headcount per transaction from 11 employees to conscionable 1, relying heavy connected AI. Within 7 months, acquisition velocity surged 4.2x, and Opendoor produced the astir profitable October cohort successful institution history.

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