|Bid||2.3900 x 28000|
|Ask||2.4000 x 43500|
|Day's range||2.3600 - 2.5950|
|52-week range||0.9170 - 5.4100|
|Beta (5Y monthly)||2.16|
|PE ratio (TTM)||N/A|
|Earnings date||01 Nov 2023 - 06 Nov 2023|
|Forward dividend & yield||N/A (N/A)|
|1y target est||2.85|
Opendoor Technologies Inc. (OPEN) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
Shares of Opendoor Technologies (NASDAQ: OPEN) were pulling back again last month as the housing market continued to tighten, mortgage rates rose, and the Federal Reserve predicted that interest rates would stay higher for longer than it had previously expected. There was little company-specific news, but given its significant exposure to the housing market (its primary business is essentially home-flipping), the stock fell sharply in response to challenges in the real estate sector. As you can see from the chart below, it fell mostly in the second half of the month as jitters about the housing market increased and as the Federal Reserve made its interest rate decision and forecast.
Home prices continue marching higher, but the same can't be said for Opendoor Technologies (NASDAQ: OPEN), whose stock has plunged 25% over the past month and is down more than 90% from its all-time high. Opendoor should make more money if prices go up, right? Understanding the investment opportunity requires understanding Opendoor's role in the real estate market.