Opendoor Stock Price Today: OPEN’s AI Pivot, Warrant Dividend and 2026 Forecasts (November 30, 2025)

Opendoor Technologies (NASDAQ: OPEN) has gone from penny‑stock territory to one of 2025’s wildest meme‑stock comebacks. The company is tearing up its old playbook, refounding itself as an AI‑first software business, and handing shareholders a special dividend of tradable warrants — all while its core home‑flipping operation remains unprofitable and analysts warn of steep downside.

Here’s a full breakdown of Opendoor’s stock price, latest news, AI strategy, warrant dividend, and Wall Street forecasts as of November 30, 2025.

Note: This article is informational only and is not investment advice.

Opendoor stock price today and recent performance

As of the latest close on Friday, November 28, 2025, Opendoor shares:

Closed at: $7.70
Day move: –1.1% (–$0.09)
Intraday range: roughly $7.61–$8.23
Market cap: about $7.3 billion ^[1]

According to MarketBeat and Yahoo Finance data, Opendoor’s stock has delivered a year‑to‑date return of about 380%+, dramatically outpacing the S&P 500. ^[2]

From a 52‑week low around $0.51 per share in June 2025 to a 2025 high near $10.87, the stock has been a more‑than‑20‑bagger off the bottom for perfectly timed traders. ^[3]

That explosion has turned Opendoor into a full‑blown meme stock, with multiple outlets noting that retail investors and social media hype have driven much of the rally. ^[4]

At the same time, the underlying business is still loss‑making and far smaller than its 2022 peak:

2024 revenue: about $5.15 billion
2024 net loss: about $392 million ^[5]
2022 revenue (for comparison): roughly $15.6 billion, with heavy losses at the peak of the housing boom. ^[6]

This tension — explosive share price vs. shrinking, unprofitable business — sits at the heart of today’s bullish and bearish arguments.

2025 reset: new CEO, “Opendoor 2.0” and the AI pivot

Leadership shake‑up

In September 2025, Opendoor executed a dramatic leadership reset:

Kaz Nejatian, formerly COO of Shopify, was appointed CEO.
Co‑founders Keith Rabois and Eric Wu rejoined the board of directors.
The company named Christy Schwartz as interim CFO. ^[7]

Rabois, now chairman, publicly blasted the company’s structure:

He said Opendoor had 1,400 employees but only needed about 200, calling the workforce “bloated.”
He criticized remote work and the company’s DEI efforts, promising a reset “back to merit and excellence.” ^[8]

Those comments underline a hard‑pivot culture shift: back to the office, radical cost‑cutting, and a much leaner operating model.

“Refounding” as a software and AI company

On November 6, 2025, Opendoor released Q3 2025 results and a flagship strategy update titled “Q3 2025 Open House: Opendoor 2.0 – Charts Path to Profitability Through Software and AI.” ^[9]

Key messages from CEO Kaz Nejatian:

“We are refounding Opendoor as a software and AI company,” he said, emphasizing a decisive break from the past.
In his first month, the company:
- Returned to the office,
- Cut its reliance on consultants, and
- Launched more than a dozen AI‑powered products and features in weeks rather than quarters. ^[10]

The strategy is to:

Transact with more sellers – ramping up acquisition volume.
Strengthen unit economics – tighter pricing spreads and faster resale velocity.
Drive operational efficiency – ruthless expense control and automation, with AI doing most of the work.

Management’s goal: breakeven Adjusted Net Income on a rolling 12‑month basis by the end of 2026. ^[11]

What “Opendoor 2.0” looks like in practice

Coverage of Opendoor 2.0 from Zacks and AI trade publications describes an increasingly automated operating model: ^[12]

AI‑driven home scoping: Computer vision and standardized video capture reduce on‑site assessment times from nearly a full day to about 10 minutes.
Automated title and escrow: Software handles much of the paperwork traditionally done by large teams.
Multilingual valuation and underwriting agents: AI systems support pricing and risk evaluation.
Shrinking human workflows: Underwriting flows that previously needed up to 11 people now require one.

According to Zacks, weekly acquisition contracts nearly doubled between mid‑September and late October as the new tools rolled out, feeding more volume into Opendoor’s resale “flywheel” (more inventory → more buyers → more data). ^[13]

This AI story is a major driver behind the stock’s roughly 800–900% move off its mid‑2025 lows, even as the fundamental business is still in turnaround mode. ^[14]

Q3 2025 earnings: shrinking revenue, stronger narrative

Opendoor’s Q3 2025 results show a company in transition:

Revenue:$915 million,
- Down 33.6% year‑on‑year from about $1.38 billion,
- But above consensus estimates of around $882 million.
EPS:–$0.12,
- Worse than the consensus –$0.07, missing by $0.05. ^[15]

Trailing twelve‑month EPS sits at about –$0.44, and the company remains unprofitable. MarketBeat’s summary notes that analysts expect a modest EPS improvement next year, from roughly –$0.55 to –$0.51, but still firmly in negative territory. ^[16]

For Q4 2025, Opendoor guided to revenue around $594.8 million, comfortably above the roughly $525 million consensus forecast — a positive surprise, but still a far cry from the multibillion‑dollar quarters of 2022. ^[17]

Commentary around the quarter is mixed:

Bullish takes highlight the beat on revenue, the AI‑driven operational progress, and management’s explicit path to profitability. ^[18]
Bearish analysis points to falling revenue and inventory, razor‑thin margins, and the tough housing backdrop, arguing that the underlying unit economics remain fragile. ^[19]

The warrant dividend: Opendoor’s big swing at short sellers

One of 2025’s most controversial moves was Opendoor’s special dividend of tradable warrants, widely seen as a way to reward loyal shareholders and put the squeeze on short sellers.

How the warrant dividend works

On November 6, 2025, Opendoor announced a “shareholder‑first dividend” of three series of warrants, to be distributed to shareholders of record as of November 18, 2025. ^[20]

Key terms:

Distribution date: Around November 21, 2025. ^[21]
Distribution ratio: For every 30 shares of common stock, shareholders receive:
- 1 Series K warrant
- 1 Series A warrant
- 1 Series Z warrant
  (fractions rounded down). ^[22]
Exercise prices:
- $9.00 per share for Series K
- $13.00 per share for Series A
- $17.00 per share for Series Z ^[23]
Expiry: Scheduled for November 20, 2026, with an “early expiration” trigger if the stock trades above certain volume‑weighted price levels for a defined number of days. ^[24]
Trading: Warrants are expected to trade on Nasdaq under OPENW, OPENL, and OPENZ. ^[25]

Management and its advisors pitch the structure as:

“Balance‑sheet friendly” – exercise for cash brings in growth capital without issuing new debt.
A way to align management and shareholders, effectively giving long‑term holders levered upside. ^[26]

Short‑seller drama

Financial media and analysts have been blunt: this is also a shot across the bow of short sellers.

Multiple articles frame the warrant dividend as:

An attempt to “make life tough for short sellers,” by forcing them to navigate a complex corporate action and potentially higher borrow costs. ^[27]
A “trap” for shorts that could backfire if the fundamentals don’t catch up with the inflated share price. ^[28]

The market reaction has been volatile:

The stock has seen double‑digit daily moves, including surges of 14–24% on key news days and equally sharp pullbacks in subsequent sessions, as hedge funds and retail traders jockey around the new structure. ^[29]

Legal overhang: $39 million class‑action settlement

In June 2025, Reuters reported that Opendoor agreed to pay $39 million to settle a securities class‑action lawsuit filed in Arizona federal court. ^[30]

The lawsuit alleged that:

Opendoor misled investors by overstating the capabilities of its AI‑powered pricing algorithms,
While actually relying on a “human‑driven process” that left it as exposed to market swings as traditional real‑estate operators. ^[31]

Opendoor denied wrongdoing but said it was settling to avoid the cost and uncertainty of continued litigation. ^[32]

The settlement, along with a related notice of proposed class‑action resolution from Labaton Keller Sucharow in November, helps clear some legacy legal risk, but also underlines the regulatory scrutiny of Opendoor’s tech claims. ^[33]

Wall Street forecasts: big downside in the 12‑month price targets

Despite the stock’s huge rally, analysts remain deeply skeptical.

Consensus rating: “Reduce”

MarketBeat aggregates ratings from six Wall Street firms and classifies Opendoor as a “Reduce”: ^[34]

3 Sell ratings
2 Hold ratings
1 Buy rating

12‑month price targets

The same dataset shows: ^[35]

Average 12‑month price target: $2.55
High target: $6.00 (Morgan Stanley)
Low target: $1.40 (Citigroup)
Implied downside from $7.70: roughly –67%

Recent moves in individual targets:

Morgan Stanley set a $6 target with an Equal Weight rating in October. ^[36]
Citigroup raised its target from $0.70 to $1.40 but kept a Sell stance, still implying heavy downside. ^[37]
Keefe, Bruyette & Woods boosted its target from $1.00 to $2.00 with an Underperform rating. ^[38]
UBS earlier raised its target from $1.30 to $1.60 and remains Neutral. ^[39]

Another data provider, Fintel, recently cited an average price target of about $2.16, up roughly 22% from an earlier $1.78 consensus — still dramatically below the current share price. ^[40]

Meanwhile, Zacks characterizes Opendoor as trading at a discount to some peers but emphasizes that it’s a high‑risk turnaround with an unproven ability to generate sustainable profits. ^[41]

The outlier bull: JPMorgan

The one notably bullish big‑bank call came from JPMorgan on November 10, 2025:

Analyst Dae Lee initiated coverage with an Overweight rating and a $8 price target for December 2026, describing a “major transformation underway” as Opendoor pivots to software and AI. ^[42]

Even that optimistic target, however, implies only modest upside from current levels — and it’s a lone outlier amid a sea of cautious research.

What the latest opinion pieces are saying

In the second half of November, Opendoor has become a favorite topic for financial columnists, with sharply dividedtakes.

Bearish: “This stock could go to zero”

Motley Fool contributor James Brumley published an article titled “Why Opendoor Stock Could Be Going to $0” on November 27, arguing that there’s “no way of fixing a flawed business premise.” ^[43]

Key bearish themes across that and similar pieces from 24/7 Wall St. and others: ^[44]

The iBuying business model (buying homes, renovating, and reselling) is capital‑intensive and extremely sensitive to housing cycles and pricing mistakes.
Even with AI, margins are razor‑thin, leaving little room for operational or macro missteps.
The stock’s parabolic run is fueled by meme‑stock dynamics, not by proven long‑term profitability.
The warrant dividend and short‑squeeze rhetoric are seen by some as financial engineering, not fundamental improvement.

Skeptical but nuanced: “Should investors close the door on Opendoor?”

Another Motley Fool piece, “Should Investors Close the Door on Opendoor?” (Nov. 27), describes the stock as “highly speculative” despite the AI pivot and new leadership. ^[45]

It notes that:

Revenue and inventory are both declining,
The new CEO is pushing a credible efficiency agenda (return to office, expense cuts, AI tools),
But the path to stable profitability in a high‑rate, low‑supply housing market remains extremely challenging. ^[46]

More constructive: “Here’s how the new CEO plans to 10x the business”

On the bullish end of the spectrum, a November 26 article titled “Here’s How Opendoor’s New CEO Plans to 10X the Business” leans into the AI and data story: ^[47]

It highlights hedge fund investor Eric Jackson’s thesis that Opendoor could be a “100x” investment if it successfully leverages its data moat and becomes the last major scaled iBuyer.
It applauds Nejatian’s rapid rollout of AI products and his ambition to make Opendoor a true software platform for housing transactions.

Even that optimistic piece, however, repeatedly stresses that this is not a stock for conservative investors, given extreme volatility and execution risk.

Big picture: bull vs. bear case for 2026 and beyond

Pulling together the latest news, forecasts and analyses, here’s how the debate looks heading into 2026.

Bull case highlights

Supporters of Opendoor point to: ^[48]

Data and AI advantage: Years of transaction data plus rapidly deployed AI tools could give Opendoor a structural edge in pricing, underwriting, and operations.
Faster cycles, better unit economics: If AI can truly compress assessment time to minutes and shrink human workflows, margins could expand even in a flat housing market.
Last major scaled iBuyer: With rivals cutting back, Opendoor could be the primary pure‑play platform if the model proves sustainable.
Operating leverage: Once the cost base is right‑sized, incremental transaction volume could generate outsized profit improvements.
Macro tailwinds: Falling mortgage rates (following Fed cuts in 2025) have already boosted housing‑related stocks; further easing could help liquidity and volumes.

In this scenario, the current share price is just an early step in a multi‑year transformation into a software‑and‑AI housing platform.

Bear case highlights

Skeptics counter with equally strong points: ^[49]

Structural fragility: iBuying still requires Opendoor to hold large housing inventories on balance sheet, exposing it to home‑price swings and sudden liquidity crunches.
Persistent losses: The company has never posted an annual profit since going public, and consensus still expects negative EPS through at least 2026.
Shrinking scale vs. 2022: Revenue has collapsed from $15.6B in 2022 to about $5.15B in 2024 and sub‑$1B quarters in 2025, raising questions about whether Opendoor can regain prior volume without reintroducing massive risk.
Legal and reputational baggage: The $39M settlement over alleged AI misrepresentations and FTC history underscore trust and governance concerns.
Valuation vs. fundamentals: At $7.70, the stock trades far above the average analyst target of $2.55, implying roughly two‑thirds downside based on Wall Street models.
Meme‑stock risk: If retail momentum fades or macro conditions worsen, the share price could fall quickly — especially with warrants and short‑seller dynamics adding complexity.

In the worst‑case scenario, critics argue, Opendoor’s business model never produces consistent profits, and the stock could eventually trend toward zero if capital markets lose patience.

What to watch next

For investors following OPEN — whether as traders or long‑term skeptics — the next 12–24 months hinge on a few key catalysts:

Execution of Opendoor 2.0
- Adoption and measurable impact of AI tools on margins, resale speed, and error rates. ^[50]
- Whether Nejatian can hit his target of breakeven Adjusted Net Income by end‑2026. ^[51]
Housing and interest‑rate environment
- Mortgage rates, transaction volumes, and home‑price trends will heavily influence Opendoor’s ability to grow volume safely. ^[52]
Impact of workforce and cultural changes
- Rabois’ stated desire to slash headcount and dismantle remote‑work structures could improve efficiency — or risk organizational disruption. ^[53]
Warrant trading and dilution
- How the OPENW/OPENL/OPENZ warrants trade, whether they move into the money, and how much new capital they actually bring to the balance sheet. ^[54]
Further regulatory or legal developments
- Final court approval of the class‑action settlement and any new investigations into Opendoor’s marketing or AI claims. ^[55]

Opendoor today is part hyper‑volatile meme stock, part high‑risk AI turnaround, and part housing‑market barometer. The share price already discounts an enormous amount of future success, while the business is still in the early innings of a complex reinvention.

Anyone considering OPEN will need a strong stomach for volatility, a clear view on housing and interest rates, and a willingness to accept that both the bull and bear cases are very much alive as of November 30, 2025.