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Stock impact report

Opendoor Stock Is Beaten Down Now, but It Could 10X [Yahoo! Finance]

Opendoor Technologies Inc (OPEN) 
Company Research Source: Yahoo! Finance
The combined company's stock opened at $31.47 per share on that first day, and it eventually hit an all-time high of $39.24 on Feb. 11, 2021. At its peak, Opendoor's market capitalization reached $20.6 billion -- or 7.6 times its trailing-12-month sales. At the time, low interest rates, a hot housing market, and Opendoor's ability to streamline the buying and selling process with its "iBuying" model impressed the bulls. Stimulus checks, social media buzz, commision-free trading platforms, and a fear of missing out drove even more retail investors toward speculative growth stocks. Opendoor's debut was also engineered by the "SPAC king" -- Chamath Palihapitiya -- who attracted plenty of followers during the meme stock buying frenzy in 2021. But today, Opendoor stock trades below $1 per share with a market cap of $717 million as of this writing. Shares plummeted as rising interest rates chilled the housing market and cast a harsh light on its persistent losses. Opendoor also missed i Show less Read more
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