Overview

• Opendoor shares have jumped more than 1,600% since early July, climbing from under $1 to a high of $10.28.
• Market professionals argue an $82 price would require an unusually rich revenue multiple, noting sales fell from $15.6 billion in 2022 to $5.1 billion in 2024.
• Consensus still projects losses through 2026, undercutting claims of a clear operating turnaround.
• Analysts describe recent gains as driven by retail flows, options activity and potential short squeezes rather than improving fundamentals.
• Context for the frenzy includes leadership changes — new CEO Kaz Nejatian and founders Eric Wu and Keith Rabois rejoining the board — alongside cost-cut talk and a pay plan with stock hurdles up to $33, with any durable upside seen as dependent on housing and interest-rate trends.