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Opendoor Technologies Inc (NASDAQ:OPEN) shares are trading higher on Tuesday. CEO Kaz Nejatian announced he would purchase $1 million worth of company shares.
OPEN is showing upward movement. See what is happening here.
What To Know: Just two months after taking over as leader, Nejatian declared on X Monday night that he and his family would buy the shares when the market opened on Tuesday morning, the first day that regulations allowed him to do so.
“I will talk about Opendoor’s product frequently and its stock rarely. That’s because my job is to build the product and the company, and that will have good secondary outcomes,” the CEO said in the post. “Tomorrow is the first day I am allowed to buy OPEN and my family is buying $1M at the open.”
The CEO made the pledge a few days after Opendoor published third-quarter results. The company continues to face problems as fewer homes are being purchased and sold, which has made some investors doubt the viability of its iBuying-focused business model in the long-run.
Nejatian’s stock purchase seems to be an attempt to combat market turbulence and strengthen his faith in Opendoor’s prospects for growth.
According to , according to JPMorgan analyst Dae Lee, a major transformation is underway as the new management “refounds the company” and shifts to a volume-driven strategy intended to accelerate acquisitions and clear legacy inventory. According to Lee, the home-flipping platform’s reset may finally lead it toward long-term profitability, and he keeps his Overweight rating and $8 price target for December 2026.
The impact of a “risk-averse approach” from previous leadership has impacted the company’s third-quarter results, but Lee views that cleanup phase as essential preparation. In the fourth-quarter, Opendoor anticipates acquisitions to rise by at least 35% on a quarterly basis as a result of lower spreads and recalculated pricing models.
Analyst sentiment around Opendoor has leaned bearish lately, with several downgrades and underperform ratings. On November 10, Keefe, Bruyette & Woods kept their underperform rating but raised their price target from $1.00 to $2.00, following an earlier downgrade in August.
Zelman & Associates also cut their rating to underperform from neutral in early August, setting a $1.00 target. Around the same time, Citigroup downgraded the stock to sell with a more pessimistic $0.70 target. UBS took a more balanced view, holding its neutral rating while nudging the target up from $1.30 to $1.60.
OPEN Price Action: Opendoor shares were up 6.9% at $8.51 at the time of publication on Tuesday, according to Benzinga Pro.
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