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
- Are 'we buy houses' offers a rip-off? How to know if you're getting scammed. [Yahoo! Finance]Yahoo! Finance
- David Benson joins Opendoor Board of DirectorsGlobeNewswire
- Prediction: These 2 Stocks Will Soar If Interest Rates Are Cut This Month [Yahoo! Finance]Yahoo! Finance
- Opendoor Technologies Inc. (OPEN) 2024 Goldman Sachs Communacopia and Technology Conference (Transcript) [Seeking Alpha]Seeking Alpha
- 1 Growth Stock Down 94% to Buy Right Now [Yahoo! Finance]Yahoo! Finance
OPEN
Earnings
- 8/1/24 - Beat
OPEN
Sec Filings
- 9/17/24 - Form 4
- 9/17/24 - Form 4
- 9/17/24 - Form 4
- OPEN's page on the SEC website