Opendoor is getting a tailwind from expectations for interest rate cuts.

Opendoor Technologies ( OPEN -3.74% ) has skyrocketed over the last three months as what started out as a meme-stock rally based on the argument that it could be the next Carvana could now be turning into a legitimate turnaround.

Opendoor just brought in a new CEO, tapping Shopify COO Kaz Nejatian for the top spot, and two of its co-founders have returned to the board with one of them, Keith Rabois, becoming the new chair.

But there's more than just meme investors and new leadership fueling the Opendoor run. Investors are also banking on help from Fed interest rate cuts. The stock soared on Aug. 22 when Fed chair Jerome Powell hinted that the time had arrived for rate cuts at his Jackson Hole address

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