Opendoor (OPEN) Stock Trades Down, Here Is Why [Yahoo! Finance]
Opendoor Technologies Inc (OPEN)
Company Research
Source: Yahoo! Finance
its business and the real estate market during a recent bank conference. CEO Carrie Wheeler highlighted that the clearance rate of homes (the rate at which homes go into contract) has slowed by 30% compared to the previous year. This slower transaction rate indicates fewer sales being completed, which could negatively impact Opendoor's revenue and growth prospects in the near term. In addition, Opendoor observed an increase in the number of homes being delisted, with 1 in 4 or 1 in 5 sellers removing their listings from the market (the highest rate of delistings observed in a decade). This shows that sellers are struggling to find buyers. In response to the slower demand, Opendoor widened its pricing spreads to be more conservative. While interest rate cuts should be a tailwind to the business, this development is not yet a sure thing. What is certain is the weakness that management spoke of at the conference. The stock market overreacts to news, and big price drops can present
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News
- Winners And Losers Of Q3: Opendoor (NASDAQ:OPEN) Vs The Rest Of The Real Estate Services Stocks [Yahoo! Finance]Yahoo! Finance
- First-time homebuyer statistics: Our 2024 report [USA TODAY]USA TODAY
- General Catalyst and Khosla Ventures back data mapping startup Lume [TechCrunch]TechCrunch
- Opendoor Technologies Inc (OPEN) Q3 2024 Earnings Call Highlights: Surpassing Revenue ... [Yahoo! Finance]Yahoo! Finance
- Opendoor (NASDAQ:OPEN) Beats Q3 Sales Targets But Quarterly Guidance Underwhelms [Yahoo! Finance]Yahoo! Finance
OPEN
Earnings
- 11/7/24 - Beat
OPEN
Sec Filings
- 11/22/24 - Form 144
- 11/21/24 - Form 4
- 11/18/24 - Form 144
- OPEN's page on the SEC website