Overview
- Shares have climbed from under $0.60 midyear to $7.74, lifting Opendoor’s market value to about $7.4 billion.
- After a double‑digit advance earlier in the week, the stock traded roughly flat Wednesday near $7.67 as traders priced in potential Fed rate cuts that could lower floating‑rate holding costs and thaw housing activity.
- Kaz Nejatian, appointed CEO in September, is pursuing a plan to scale the business 10x and reach net profitability by the end of 2026.
- Since the leadership change, Opendoor reports building more than a dozen AI tools and nearly doubling accepted home purchases from mid‑September to late October.
- Third‑quarter results underscored the challenge: 2,568 homes sold (down 29% year over year), an adjusted EBITDA margin of −3.6%, revenue of about $5.2 billion, $962 million in cash, and total debt above $1.6 billion.