NEW YORK, July 1, 2026, 12:05 (EDT)
- Opendoor Technologies Inc. NASDAQ:OPEN climbed 9.6% to $5.065 as of 11:50 a.m. EDT. Volume hit 40.1 million shares, almost matching MarketWatch’s 65-day average volume of 40 million.
- Short interest totaled 153.72 million shares, or 19.07% of the float, as of June 15. On paper, that day’s price gain added about $68 million in losses for shorts if the positions stayed the same.
- The stock outpaced homebuilding ETFs. SPDR S&P Homebuilders ETF (NYSEARCA:XHB) dropped 0.4%, while iShares U.S. Home Construction ETF (NYSEARCA:ITB) lost 0.1%.
Opendoor Technologies Inc. NASDAQ:OPEN surged almost 10% by late morning Wednesday, beating gains in homebuilding funds and major indexes. The stock’s move didn’t track cleanly with the U.S. housing sector. Instead, it looked more like a high-short reaction after recent index inclusion and a market trying to adjust to turnaround hopes.
Live quotes around 11:50 a.m. EDT showed the split as follows:
| Security | Last | Move | Read-through |
|---|---|---|---|
| Opendoor Technologies Inc. NASDAQ:OPEN | $5.065 | up 9.6% | Volume at 40.1 million |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $748.48 | added 0.2% | Tracking the market |
| Invesco QQQ Trust NASDAQ:QQQ | $729.27 | off 1.0% | Big tech names |
| iShares Russell 2000 ETF (NYSEARCA:IWM) | $301.96 | rose 0.5% | Small caps move higher |
| SPDR S&P Homebuilders ETF (NYSEARCA:XHB) | $115.11 | down 0.4% | Homebuilders slip |
| iShares U.S. Home Construction ETF (NYSEARCA:ITB) | $104.36 | slipped 0.1% | Home construction lower |
| Zillow Group Inc. NASDAQ:ZG | $33.225 | gained 5.9% | Digital real estate up |
| Rocket Companies Inc. NYSE:RKT | $16.12 | added 2.3% | Mortgage names up |
Turnover mattered as much as price. By midday, Opendoor had already moved past its 65-day average volume from MarketWatch—unusual for a day without earnings news.
This is notable with a big reported short base. MarketWatch put short interest at 153.72 million shares as of June 15, or about 19.07% of float. At $5.065 a share, the short bet would be around $779 million if unchanged. A 44.5-cent move up since Tuesday’s close tacks on roughly $68 million in paper losses for shorts, using the latest short interest and quote.
Opendoor said it’s joining the Russell 3000 Index after the reconstitution, set for after the U.S. close on June 26. The following week is shorter since Nasdaq’s 2026 holiday calendar shows July 3 closed for Independence Day.
The housing picture wasn’t much help for the shares. Reuters said Wednesday U.S. construction spending edged up 0.1% in May, but outlays for new single-family homes slipped 0.1% and fell 4.0% from a year ago. The average 30-year fixed mortgage rate was 6.49% last week, Reuters said, citing Freddie Mac.
U.S. stocks didn’t show much risk appetite. Reuters said the Dow, S&P 500 and Nasdaq were all down at 10:01 a.m. ET. “The mood is sanguine, but not complacent,” Benjamin Jones, global head of research at Invesco, told Reuters. Reuters
Opendoor’s numbers are giving traders a reason to dig in. The company cut older inventory and is getting more profit per home than it did in late 2025, though revenue is still way down from last year.
| Opendoor metric | Q1 2026 | Q4 2025 | Q1 2025 |
|---|---|---|---|
| Revenue | $720 mln | $736 mln | $1.153 bln |
| Homes purchased | 2,474 | 1,706 | 3,609 |
| Homes in inventory | 3,420 | 2,867 | 7,080 |
| Homes on market >120 days | 10% | 33% | 27% |
| Contribution profit per home sold | $17,000 | $4,000 | $18,000 |
| Adjusted EBITDA | -$31 mln | -$43 mln | -$30 mln |
Opendoor Technologies Inc. is targeting Q2 revenue growth of roughly 25% from last quarter, with contribution margin set to land near the midpoint of its 5%-7% goal. Adjusted EBITDA is expected to be roughly breakeven. With Q1 revenue at $720 million, that puts the Q2 forecast at about $900 million.
Opendoor CEO Kaz Nejatian said in May, “The machine is working.” He also told investors aged inventory is down from half the book to one-tenth, a claim traders are weighing against the company’s stated volumes and margin guide. Opendoor Technologies Inc.
Analyst calls haven’t kept up with the stock. Benzinga’s page shows a $3.14 average target from 12 analysts, ranging from $1 on the low end to $8 on the high. Shares last traded about 61% over that consensus.
Next up for Opendoor is Q2: the market wants to see if the company keeps resale margins steady as it tries to ramp up acquisitions. If not, short interest and the light trading seen around the holiday that boosted shares Wednesday could just as easily send the stock lower.
