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fferpad's shares skyrocketed over 85% on Aug. 28, mirroring a similar surge experienced by fellow iBuyer Opendoor just weeks prior. The sudden price jump occurred without any major announcements from the company, leaving analysts to speculate about the cause. Offerpad's stock now trades higher than its competitor, with Opendoor shares closing at $4.27 compared to Offerpad's $6.23.

    The rally began after Opendoor experienced a similar surge as a meme stock, driven in part by activist investors who helped the company avoid delisting from Nasdaq. In response to the pressure, Opendoor President Shrisha Radhakrishna announced that he and other executives would be buying more stock, canceling their selling plans.

    Offerpad's CEO Brian Bair had previously stated that the company was "ready to accelerate as market activity returns," following a sluggish spring quarter where revenue fell 36% year-over-year. The sudden price surge has raised hopes for Offerpad's rebound, but the company remains tight-lipped about its strategy, with no major announcements made on Aug. 28.