NEW YORK, July 9, 2026, 12:09 EDT
- Opendoor shares rose about 11% near midday, adding roughly $510 million in market value, a large move without a fresh company release showing on its investor page after late May.
- The rally landed the same day U.S. existing-home sales fell in June, keeping the stock tied to a hard question: can faster home turns offset a still-sticky housing market?
Opendoor Technologies Inc. NASDAQ:OPEN jumped 11.1% to $5.32 in late-morning trading on Thursday, adding about $510 million in market value — the stock price times shares outstanding — as buyers paid up for a housing-tech turnaround that still has to prove it can scale profitably. Trading volume topped 44.6 million shares by about 11:55 a.m. EDT.
The move matters now because it came into a mixed housing tape. Existing-home sales fell 2.4% in June to a 4.09 million annual rate, while the median existing-home price rose 1.8% from a year earlier to a record $440,600, the National Association of Realtors said on Thursday. For an iBuyer — a company that buys homes directly and resells them — that is a tight backdrop: prices help inventory values, but slow turnover can eat into margins.
Opendoor also outpaced related housing and small-cap trades. Zillow Group Inc. NASDAQ:Z rose 1.3%, Rocket Companies Inc. NYSE:RKT gained 0.5%, Compass Inc. NYSE:COMP advanced 5.1%, and the iShares Russell 2000 ETF NYSEARCA:IWM climbed 1.2%. The Nasdaq Composite was up 0.70% around 11:16 a.m. EDT, while the Russell 2000 Index rose 1.29%.
| Midday move | Price/level | Change | Investor read-through |
|---|---|---|---|
| Opendoor NASDAQ:OPEN | $5.32 | +11.1% | Highest-beta housing-tech turnaround in the group |
| Zillow NASDAQ:Z | $32.70 | +1.3% | Portal and seller-lead exposure |
| Rocket NYSE:RKT | $14.24 | +0.5% | Mortgage-rate sensitivity |
| Compass NYSE:COMP | $11.90 | +5.1% | Brokerage exposure to home-sale volume |
| iShares Russell 2000 ETF NYSEARCA:IWM | $296.86 | +1.2% | Small-cap risk appetite |
There was no fresh Opendoor press release displayed on the company’s investor-relations page after its May 27 announcement that it would be added to the Russell 3000 Index, effective after the U.S. market close on June 26. Index inclusion can bring benchmark-related demand, but it does not change the operating math by itself.
That math is why Thursday’s rally stands out. At the current quote, Opendoor’s market value is about 1.8 times annualized first-quarter revenue and roughly 4.5 times the $1.14 billion of real estate inventory it held at March 31. It also had $999 million of cash and equivalents at quarter-end.
The bullish case rests on better unit economics, not on revenue growth. In the first quarter, Opendoor’s revenue fell to $720 million from $736 million in the fourth quarter, but gross margin rose to 10.0% from 7.7%, homes purchased increased 45%, and the share of homes on the market for more than 120 days dropped to 10% from 33%. Adjusted EBITDA, a profit measure that excludes interest, taxes, depreciation and some other costs, was still negative at $31 million.
| Opendoor operating metric | Q1 2026 | Q4 2025 | Change |
|---|---|---|---|
| Revenue | $720 mln | $736 mln | -2.2% |
| Gross margin | 10.0% | 7.7% | +2.3 pts |
| Homes purchased | 2,474 | 1,706 | +45.0% |
| Homes sold | 1,921 | 1,978 | -2.9% |
| Homes on market >120 days | 10% | 33% | -23 pts |
| Adjusted EBITDA | -$31 mln | -$43 mln | +$12 mln |
Chief Executive Kaz Nejatian framed the first-quarter improvement as more than a short bounce, saying Opendoor was seeing “a step-function change” in margins, resale speed and inventory health. “The machine is working,” he said in the May results release. Opendoor Technologies Inc.
There is also a cost-cutting and operating-model story under the stock. Reuters reported in June that Opendoor would shut its India operations and lay off 250 employees as it shifted toward more use of artificial intelligence; Nejatian said operational work needed to be “in person and close to our customers.” Reuters
But the same data cut both ways. The June home-sales drop shows buyers remain rate-sensitive, NAR said the average 30-year fixed mortgage rate was 6.49% in June, and Opendoor’s first-quarter filing showed $135 million of 2026 notes and $62 million of 2030 notes classified as current liabilities at March 31. If lower borrowing costs do not unlock more buyers, or if the company has to discount homes to keep inventory moving, Thursday’s half-billion-dollar equity gain could unwind fast.
One quieter comparison is with Zillow. Opendoor’s filing shows Zillow has warrants tied to a partnership that could cover up to 6 million Opendoor shares, with one 300,000-share tranche vested at a $15 exercise price and none exercised as of March 31. Even after Thursday’s rise, Opendoor was still about 65% below that exercise price.
For now, investors are paying for optionality — the chance that small changes in rates, resale velocity and contribution profit can have an outsized effect on a company with high fixed costs and a battered stock-market history. The next proof point is less the index bid and more whether Opendoor can turn larger purchase volumes into breakeven adjusted EBITDA without letting inventory age again.
Related articles: NASDAQ:OPEN
