New York, June 1, 2026, 16:01 EDT
- Opendoor was up roughly 6% late Monday, trading on more than 39 million shares.
- The company will join the Russell 3000 after the U.S. market shuts on June 26.
- The run-up is still about tight housing. Mortgage rates are over 6.5%, and Opendoor is still posting losses.
Opendoor Technologies Inc jumped roughly 6% late Monday, outperforming the broader U.S. market. Investors kept moving into the online home seller ahead of its inclusion in the Russell 3000 Index this month.
The stock traded at $5.34, up 30 cents from Friday, as of 3:46 p.m. in New York. Shares moved between $4.99 and $5.50 during the session. Nearly 39.9 million shares had changed hands, putting the company’s market cap at roughly $5.13 billion.
Opendoor has turned from a beaten-down housing tech stock into an index trade this week. When a company joins the Russell 3000, which is a wide U.S. stock index, passive funds tracking that benchmark usually tweak their positions near the effective date.
Opendoor said May 27 it’s being added to the Russell 3000 during FTSE Russell’s 2026 reconstitution, with inclusion kicking in after the U.S. close on June 26. FTSE Russell will update the preliminary lists for the rebalanced indexes on June 5, June 12 and June 18, and says the reconstitution becomes official when the market closes on June 26.
The stock got a lift from a better market backdrop. The S&P 500 and Nasdaq set fresh records on Monday, helped by tech stocks. Wall Street was up modestly while traders waited for U.S. jobs data and the Fed’s June meeting.
Opendoor calls itself an “iBuyer,” buying homes with data, fixing them, and flipping them. Among other housing-tech names, Zillow Group Class A shares were up 3.3% in late trading Monday. Offerpad Solutions, a smaller iBuyer, added 6.6%.
Opendoor’s turnaround story is still about execution, not just index flows. In its first-quarter report on May 7, the company posted revenue of $720 million, down from $1.15 billion last year. Net loss widened to $173 million from $85 million a year ago. Gross margin rose to 10.0% from 8.6%.
Opendoor CEO Kaz Nejatian said newer home-buying groups are doing better. “Better acquisitions, faster turns, stronger margins. The machine is working,” he told investors in the company’s Q1 update. Opendoor Technologies Inc.
Opendoor said it expects second-quarter revenue to climb about 25% from the prior quarter, with adjusted EBITDA forecasted around breakeven, give or take a few million dollars. The company put its contribution margin, which tracks profit after direct selling and holding costs on homes, in the middle of its 5% to 7% target range.
Housing is the issue. Freddie Mac said the average 30-year fixed mortgage rate in the U.S. hit 6.53% on May 28, a bit higher than a week earlier. High rates make it tougher for buyers, slow sales, and push up holding costs for firms with homes on their books.
Opendoor’s latest filing points to risks including a weak housing market, moves in mortgage rates, competition, and the need for financing, all of which could hit its results. The company still had $197 million in convertible senior notes outstanding as of March 31. Its 2026 notes come due Aug. 15.
Opendoor shares are moving as investors position ahead of the Russell rebalancing. But that’s a technical trade. What comes next is clearer competition—can the company keep faster home flips and stronger margins if high mortgage rates stick around as summer brings more listings?
