Why this investor says Opendoor is not a meme stock

Investment Thesis for Open Door - EMJ Capital initiated a long position in Open Door at under $1 per share, with a potential target of $82 based on fundamentals [1] - The investor believes Open Door is a legitimate turnaround story, not a meme stock, and sees it as an opportunity similar to Carvana [3][4] - The investor plans to hold the stock, anticipating significant compounding, unless there are fundamental changes in the company's management or strategy [5] Company Performance and Strategy - Open Door is a mobile platform for buying and selling real estate [5] - The company is expected to announce its first EVA (Economic Value Added) positive quarter in approximately three years [10] - The current CEO, Carrie Wheeler, has been focused on cost-cutting to achieve steady-state profitability [13] - The company's business is positioned to benefit from potential interest rate declines, which could lead to increased volumes and profitability [13] Market Dynamics and Trading Activity - The investor takes offense to the meme stock characterization, viewing Open Door as a real business unlike other meme stocks [15][16] - High trading volumes indicate the presence of flippers, but the investor believes the stock is still in the early stages of its potential [19] - The investor suggests that if retail and institutional shareholders focused on buying and holding the stock, it could lead to a significant price surge [20] Other Investment Opportunities - The investor also holds positions in two Bitcoin miners, Iron and Cipher, which are expanding into the AI data center business [23] - Iron and Cipher have significant AI data center capacity (3 gigawatts each) and are expected to benefit from the growing demand for AI infrastructure [24]