Overview
- Shares fell 11% on Wednesday and are down roughly 30% over the past week, even as major indexes gained.
- Redfin reported October home sales and new listings plateaued, limiting Opendoor’s ability to turn inventory and pressureing margins.
- Interim CFO Christina Schwartz sold 73,951 shares for $583,473 on November 18 through a mandatory sell-to-cover program.
- Opendoor remains unprofitable with a reported 8.01% gross margin, heavy reliance on debt, and billions of dollars in housing inventory.
- The company has issued a warrant distribution intended to pressure short sellers, which could dilute shares by up to about 10% if exercised, with short interest reported above 22%.