Residential real estate transaction platform operator Opendoor Technologies Inc (NASDAQ:OPEN) is one of the more innovative companies at the moment and the OPEN stock has been in the middle of a strong ride in recent weeks. The stock has continued to climb in the past week during the course of which it went up by 38%.
That took the gains made in the past month to as much as 98% as the OPEN stock ended up hitting its highest level in many months.
Opendoor Technologies Inc
Company Name: Opendoor Technologies Inc
Opendoor Technologies Inc Summary:
Opendoor Technologies Inc. operates a digital platform for residential real estate in the United States. The company’s platform enables consumers to buy and sell a home online. It also provides title insurance and escrow services. Opendoor Technologies Inc. was incorporated in 2013 and is based in Tempe, Arizona.
Now, let’s review the latest news from the company:-
#1 Q4 Earnings On Radar – All eyes on OPEN stock
All eyes are now going to be on the company’s fourth-quarter financial results and it may be a good time to keep an eye on the Opendoor stock in the lead-up to the day.
On January 26 the company announced that it was going to announce its financial results for the fourth fiscal quarter that ended on December 31, 2022, on February 23, 2023. On top of that, the management would also host a conference call to discuss the financial results and other operations. The conference call would be available on a live webcast at 2 pm PT.
It would be keenly watched, how the OPEN stock would react after earnings.
#2 Opendoor Shuffles Leadership, Appoints New CEO
The performance in the third quarter of Opendoor may have triggered a change in the management as well and back on December 2, 2022, the company made such an announcement. It announced that it had appointed a new Chief Executive Officer in the form of Carrie Wheeler.
Wheeler had previously been the Chief Financial Officer at Opendoor. The shakeup at the top echelons in the management had initially led to a selloff in the stock. Wheeler was also made a member of the board of directors of the company with immediate effect.
#3 Why The OPEN stock Fell Last Year
Last year, the stock had gone through a tough time as the weakness in demand and plunging home prices took their toll. In the third quarter, the company’s performance had been disappointing and that resulted in a 20% drop in the stock price. That took the cumulative loss in a 12-month period to 88%.
Keep an eye on OPEN stock and it would be interesting to see if the stock reverses its losses from the last year.