The meeting featured Eric Jackson, founder and president of EMJ Capital, discussing his position in Open Door and his bullish outlook on the stock, which he believes is fundamentally undervalued and not merely a meme stock.
Jackson outlined why he remains committed to his $82 price target, provided insight on Open Door’s turnaround under new leadership, and discussed the impact of retail trading activity.
He also identified two additional investments—Bitcoin mining companies Iron (IREN) and Cipher (CFR)—as his next key bets due to their AI data center expansion.
Major topics included Open Door's path to profitability, the effect of meme stock characterization, and future investment opportunities.
Action Items
(No explicit deadlines or owner responsibilities were assigned during the meeting.)
Open Door Bull Case and Investment Rationale
Eric Jackson reaffirmed he remains long on Open Door, with a price target of $82 per share, unless adverse management decisions change his outlook.
He emphasized that Open Door is not a meme stock, but a legitimate turnaround story, likening it to Carvana’s turnaround.
Jackson described Open Door as a mobile platform for buying and selling real estate, highlighting its expected transition to steady-state profitability within the next six months, driven by aggressive cost-cutting and operational restructuring under CEO Carrie Wheeler.
He anticipates that upcoming earnings will indicate the company’s first EVA positive quarter in three years, with potential for improved profitability if/when interest rates decline.
Wall Street analysts are not currently factoring in the positive impact of potential interest rate cuts or the extent of operational leverage in the new business model.
Meme Stock Dynamics and Market Activity
Jackson voiced his frustration at Open Door being labeled a meme stock, distinguishing it from others he considers “dumb businesses” (e.g., GoPro, GameStop).
He acknowledged increased short-term speculative trading and extreme volume spikes, but remains focused on the fundamental narrative and long-term value.
Jackson speculated that if retail and institutional investors united to buy and hold, the stock could “explode” similarly to past tech bubbles, but he is not relying on this behavior.
Future Investment Focus
Jackson highlighted Iron (IREN) and Cipher (CFR), both Bitcoin miners, as his next “Carvana-like” plays.
He noted their competitive advantage in the AI HPC market, with significant energy infrastructure in place to support rapid expansion of AI data centers, positioning them for potential “massive rerating” as supply shortages increase demand.
Decisions
Eric Jackson to continue holding Open Door with a target of $82/share, citing operational turnaround and earnings expectations as rationale.