Opendoor Technologies Inc (NASDAQ: OPEN): On Track To A Higher Share Price

Opendoor Technologies Inc (NASDAQ:OPEN) shares, rose in value on Thursday, April 04, with the stock price up by 1.82% to the previous day’s close as strong demand from buyers drove the stock to $2.92.

Actively observing the price movement in the recent trading, the stock is buoying the session at $2.87. The value of beta (5-year monthly) is 2.66. Referring to stock’s 52-week performance, its high was $5.41, and the low was $1.25. On the whole, OPEN has fluctuated by 5.11% over the past month.

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With the market capitalization of Opendoor Technologies Inc currently standing at about $1.99 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 02, 2024 – May 06, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.16, which is expected to increase to -$0.07 for fiscal year -$0.51 and then to about -$0.35 by fiscal year 2025. Data indicates that the EPS growth is expected to be 56.80% in 2025, while the next year’s EPS growth is forecast to be 31.40%.

Analysts have estimated the company’s revenue for the quarter at $1.09 billion, with a low estimate of $1.07 billion and a high estimate of $1.11 billion. According to the average forecast, sales growth in current quarter could jump down -65.20%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $5.83 billion, representing a decrease of -16.10% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that OPEN’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of OPEN currently trading nearly 0.73% and -5.69% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 48.60, while the 7-day volatility ratio is showing 6.01% which for the 30-day chart, stands at 7.23%. Furthermore, Opendoor Technologies Inc (OPEN)’s beta value is 2.65, and its average true range (ATR) is 0.21.

A comparison of Opendoor Technologies Inc (OPEN) with its peers suggests the former has fared considerably weaker in the market. OPEN showed an intraday change of 1.82% in today’s session so far, and over the past year, it grew by 58.81%%.

Data on historical trading for Opendoor Technologies Inc (NASDAQ:OPEN) indicates that the trading volumes over the past 10 days have averaged 15.92 million and over the past 3 months, they’ve averaged 19.81 million. According to company’s latest data on outstanding shares, there are 677.64 million shares outstanding.

Nearly 19.85% of Opendoor Technologies Inc’s shares belong to company insiders and institutional investors own 57.35% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 77.12 million shares as on Mar 15, 2024, resulting in a short ratio of 3.69. According to the data, the short interest in Opendoor Technologies Inc (OPEN) stood at 11.35% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 72.53 million. The stock has fallen by -34.77% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the OPEN stock heading into the next quarter.