Valued at a market cap of $1.65 billion, Opendoor Technologies (OPEN) is a penny stock that has burned massive investor wealth for shareholders. Since touching all-time highs in early 2021, OPEN stock has lost 94.5%, and set a new 52-week low of $1.58 on Aug. 12.
However, OPEN stock spiked more than 11% in a single session last Friday, as traders responded to dovish commentary from Fed Chair Jerome Powell at the central bank's annual Jackson Hole summit. Let’s see why this penny stock could surge on a Fed rate cut.
