NEW YORK, July 6, 2026, 06:05 EDT
- Opendoor traded at $4.89 to $4.90 early in the premarket. The stock is coming off its first full week in the Russell 3000.
- Regular session volume came in at 90.05 million shares, more than double the 65-day average.
- Opendoor’s market cap is now about 2.2x the sum of its cash and home inventory, and nearly 4.9x book equity.
- The next official short interest release is set for July 10, and will be the first to reflect positions after the Russell rebalance.
Opendoor Technologies Inc. NASDAQ:OPEN enters the first full week of July in the Russell 3000, but that index move leaves investors looking at a stock price with a hefty premium to a shrinking home book and a business that’s still losing money. The index story is simpler than the balance sheet story right now.
The stock traded at $4.89 in premarket, off 0.2%. It last closed at $4.90. About 90.05 million shares changed hands in the last session, which is 214% of the 65-day average, MarketWatch data show.
| Opendoor market read | Latest figure |
|---|---|
| Premarket quote | $4.89 |
| Last close | $4.90 |
| Market cap | about $4.7 billion |
| Latest regular-session volume | 90.05 million shares |
| Volume vs 65-day average | 214% |
| Short interest, June 15 | 153.72 million shares |
| Shorted float | 19.07% |
Opendoor’s new spot in the Russell 3000 isn’t just a title. The company said it was picked for the index in the 2026 rebalancing, and this takes effect after the U.S. market close on June 26. FTSE Russell said the changes from June’s reconstitution show up from the open on June 29. About $12.2 trillion was benchmarked to Russell U.S. indexes as of June 2025. Opendoor Technologies Inc.
Russell trading was heavy in the market. Reuters said ahead of the rebalance that fund managers would shift portfolios to match new FTSE Russell weights. Jefferies analyst Steven DeSanctis told Reuters the trade might be a “really massive trade.” Melissa Roberts at Stephens called it a “key liquidity day.” Reuters
For Opendoor, the question now is what passive holders leave behind. The company ended March with $999 million in cash and cash equivalents and $1.139 billion in real estate inventory. With a current market cap near $4.7 billion, the stock trades at about 2.2x those assets together. Opendoor also trades at roughly 4.9x its reported shareholders’ equity of $954 million.
| Valuation check | Calculation | Result |
|---|---|---|
| Market cap compared to cash and inventory | $4.70 bln / ($999 mln + $1.139 bln) | 2.2x |
| Market cap versus book equity | $4.70 bln / $954 mln | 4.9x |
| Market cap against trailing 12-month revenue | $4.70 bln / $3.94 bln | 1.2x |
This matters because Opendoor’s asset base has shrunk compared to last year. The company had 3,420 homes in inventory on March 31, down from 7,080 a year before. Inventory value dropped to $1.139 billion versus $2.362 billion. Revenue slid to $720 million from $1.153 billion. Net loss widened to $173 million from $85 million.
Bulls say the smaller book is moving more quickly. Opendoor reported that homes on the market more than 120 days dropped to 10% as of March 31, down from 33% at Dec. 31 and 51% at Sept. 30. Homes bought climbed to 2,474 in Q1 from 1,706 in Q4, with acquisitions topping sales for the first time since early 2025.
Kaz Nejatian, the CEO, said in May that acquisition contracts doubled from the previous quarter. He also said the resale contribution margin hit its highest point in nearly two years. “The machine is working,” Nejatian said. GlobeNewswire
| Operating gauge | Q1 2026 | Q4 2025 | Q1 2025 |
|---|---|---|---|
| Revenue | $720 mln | $736 mln | $1.153 bln |
| Gross margin | 10.0% | 7.7% | 8.6% |
| Net loss | $173 mln | $1.096 bln | $85 mln |
| Homes purchased | 2,474 | 1,706 | 3,609 |
| Homes sold | 1,921 | 1,978 | 2,946 |
| Homes in inventory | 3,420 | 2,867 | 7,080 |
| Homes on market over 120 days | 10% | 33% | 27% |
The short book is still in play. MarketWatch says 153.72 million Opendoor shares were sold short as of June 15, or 19.07% of the float. FINRA plans to post June 30 short-interest numbers on July 10, which will be the first official look since Russell index changes kicked in. MarketWatch
Nasdaq is set to resume trading at 9:30 a.m. Eastern after closing for the July 3 Independence Day holiday. For 2026, Nasdaq marks July 3 as observed, with standard hours from 9:30 a.m. to 4 p.m. Eastern and premarket from 4 a.m. to 9:30 a.m.
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