Opendoor Technologies Stock Price Drops as Mortgage Rates Hit 3-Month High, Home Sales Slide
Opendoor Technologies shares fell 2.6% to $5.14 on Thursday, valuing the company at about $5.9 billion, as U.S. 30-year mortgage rates climbed to 6.22%, the highest since December. New-home sales dropped 17.6% in January to a 16-month low. Opendoor warned first-quarter revenue would likely fall 10% from the prior quarter, with adjusted EBITDA losses in the low-to-mid $30 million range.