NEW YORK, July 2, 2026, 05:05 EDT
- Opendoor ended Wednesday up 6.93% at $4.94, then traded almost unchanged in early premarket Thursday, quoted at $4.93.
- About 99.25 million shares traded, or 241% of the 65-day average volume. Short interest was 19.07% of the float as of June 15.
- Opendoor Technologies Inc.’s market cap stood at about 4.2 times its real estate inventory as of March-end and about 5.0 times book value, using company balance sheet numbers and Wednesday’s market quote.
- Nasdaq is open for its regular Thursday session. U.S. stock markets will be shut Friday for the Independence Day holiday.
Opendoor Technologies Inc. NASDAQ:OPEN opens Thursday with the real test looking past the headline rally: will the inflows from index-related buying and retail trades support a stock now valued well above its housing inventory?
The online home seller finished Wednesday at $4.94, climbing 32 cents, or 6.93%. Shares traded from $4.57 to $5.13 during the session, a 12.1% move based on the previous close. MarketWatch showed the stock at $4.93 early Thursday in premarket. The S&P 500 ended down 0.22% Wednesday, while the Nasdaq Composite dropped 0.66%.
| Wednesday tape | Opendoor | Read-through |
|---|---|---|
| Close | $4.94 | Shares added 6.93% |
| Intraday range | $4.57-$5.13 | Range covers 12.1% of previous close |
| Volume | 99.25 mln shares | Volume came in at 241% of the 65-day average |
| Five-day move | +14.88% | Still down 15.27% this year |
Volume stands out. On Wednesday, about 12.3% of Opendoor’s public float—806.03 million shares—changed hands. Short interest is at 153.72 million shares, or 19.07% of the float. That lines up to roughly 3.7 days based on the 65-day average volume, but just 1.6 days at Wednesday’s trading rate.
Opendoor shares moved after the company said it would join the Russell 3000 Index at the close of U.S. trading on June 26. Opendoor said joining the Russell 3000 means it will also be included in either the Russell 1000, Russell 2000, and style indexes.
Russell moves drive buying and selling for index funds. Jefferies’ Steven DeSanctis said this year’s Russell rebalance is a “really massive trade.” Stephens’ Melissa Roberts called the event a “key liquidity day.” Reuters reported the comments ahead of the June 27 reconstitution. Reuters
| Valuation yardstick | Latest figure | Opendoor read-through |
|---|---|---|
| Market value | $4.77 bln | Closed Wednesday |
| Cash and equivalents | $999 mln | Market value to cash comes to 4.8x |
| Real estate inventory | $1.139 bln | Market value to inventory at 4.2x |
| Shareholders’ equity | $954 mln | Market value to book is 5.0x |
| Homes in inventory | 3,420 | Works out to roughly $1.39 mln in market value per home |
This is important since Opendoor is not profitable. Revenue for the first quarter was down at $720 million versus $1.153 billion a year ago. Net loss increased to $173 million from $85 million. Gross margin moved up to 10.0% from 8.6%, but contribution margin dropped to 4.4% from 4.7%.
Inventory is turning over faster. Homes in inventory dropped to 3,420 at March 31 from 7,080 a year ago. Aged inventory over 120 days made up 10% of the total, down from 33% last quarter. Homes purchased jumped 45% from the fourth quarter to 2,474.
CEO Kaz Nejatian said in May that Opendoor “earned a claim to a track record” and said, “The machine is working.” The company said it expects about 25% sequential revenue growth for the second quarter and adjusted EBITDA close to breakeven, give or take a few million. Opendoor Technologies Inc.
Wall Street isn’t jumping in yet. StockAnalysis, using S&P Global numbers, put the consensus at Hold from nine analysts. Their average price target is $4.82, under where the stock finished Wednesday. Analyst targets run from $1.00 to $8.00.
Retail traders have jumped in. Benzinga said Wednesday that traders zeroed in on Nejatian’s pay tied to outcomes, plus the company’s longer-range outlook. EMJ Capital’s Eric Jackson called Opendoor “real estate’s Tesla moment,” according to the report. Benzinga
Housing numbers look mixed. Freddie Mac OTCMKTS:FMCC said the average 30-year fixed mortgage rate was 6.49% for the week ending June 25, barely up from 6.47% the week before. Chief economist Sam Khater said mortgage rates were “relatively stable” during the last six weeks. Reuters said Tuesday that U.S. single-family home prices slipped 0.1% in April but stayed 2.0% above last year. Freddie Mac
Nasdaq trades from 9:30 a.m. to 4:00 p.m. Eastern time on Thursday. The exchange will be closed on Friday, July 3, for the Independence Day holiday.
