Opendoor Jumps After DE Shaw Discloses 6.4% Stake as Rate-Cut Bets Rise
The holding sits mostly in DE Shaw’s short-term Valence fund, suggesting a tactical trade tied to Opendoor’s recent warrant dividend.
Overview
- Opendoor shares rose 9.58% on Friday to close at $6.75 following a filing showing DE Shaw held a 6.4% position as of November 13.
- Most of the stake is in DE Shaw Valence Portfolios, a statistical-arbitrage vehicle that typically focuses on short-term trades rather than long-term ownership.
- New York Fed President John Williams signaled support for a possible near-term rate cut, boosting housing-sensitive names and adding momentum to the move.
- The timing aligns with Opendoor’s November 18 record date for a special warrant dividend, which market watchers say may have attracted tactical positioning.
- Analyst sentiment remains cautious with a consensus Hold rating and an average price target near $4.35, despite a rally that has lifted the stock more than 300% this year.