Opendoor Is Down 86% From Its High. Is the Housing Recovery Story Still Intact?
The company is struggling to grow and continues to lose money.
Overview
Last year, Opendoor (NASDAQ: OPEN) had a new CEO, Kaz Nejatian, take the helm, promising a massive turnaround for the struggling pandemic-era real estate technology company. The stock price rose from under $1 to $10 in a year, with investors betting that the pain was finally over.
Today, shares are back down to $3.50. The financial results for the real estate buying platform continue to deteriorate, with housing market activity frozen shut in the United States.
Details
Here's what Opendoor's future may look like, and whether the stock looks cheap again, down 90% from 2021 highs, as a bet on an eventual reversion to the mean in homebuying activity.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.