Opendoor Stock (OPEN) Premarket Today: Meme Rally Meets ‘Opendoor 2.0’ Reset and 2026 Forecasts

Updated Thursday, December 11, 2025 – around 6:30 a.m. EST

Opendoor Technologies (NASDAQ: OPEN) is waking up slightly green in early trading after another volatile week that has kept the 2025 meme darling under intense scrutiny.

As of about 6:30 a.m. EST, Opendoor is trading around $7.05 in premarket, roughly 0.7% above Wednesday’s close of $7.00, with early extended‑hours trades ranging between about $7.02 and $7.05 on relatively light volume. ^[1]

That small uptick comes after a sharp pullback: Opendoor closed yesterday near $7, down roughly 5–6% on the day and about 10–12% over the past month, according to multiple price and technical trackers. ^[2]

Even after the latest slide, OPEN is still one of 2025’s wildest stories. The stock has rocketed from 52‑week lows near $0.51 to a high around $10.87, leaving shares up roughly 450–460% this year, depending on the exact start date used. ^[3]

This morning’s trade sits at the intersection of three big forces:

a high‑stakes “Opendoor 2.0” transformation under new CEO Kaz Nejatian,
a brutal set of Q3 numbers and a dilutive capital raise, and
a growing split between bullish retail traders and skeptical Wall Street analysts.

Here’s how the latest news, forecasts and analyses as of December 11, 2025 fit together.

Opendoor stock price today: premarket snapshot

Last regular close (Wed, Dec 10, 2025): ≈ $7.00 after trading between roughly $6.98 and $7.77 on heavy volume above 80 million shares. ^[4]
Premarket today (Thu, Dec 11):
- Pre‑market open: $7.00,
- Recent pre‑market trades around $7.05,
- Early range near $7.02–$7.05, up about 0.7% from the prior close. ^[5]

Technical service StockInvest.us labels OPEN a “sell candidate” after a string of down days, estimating that the shares could decline about 19% over the next three months, with a high‑risk daily move potential of around 10–11% in either direction. ^[6]

On a longer horizon, data providers show:

52‑week low: ~$0.51
52‑week high: ~$10.87
1‑year performance: +250% to +450% depending on source and window. ^[7]

That volatility, plus huge trading volume (often tens of millions of shares per day), has cemented Opendoor’s status as a meme stock in 2025. ^[8]

Fresh commentary on December 11: bulls vs. bears in the premarket

1. Bullish angle: “speculative play” on a housing rebound

In a new article published overnight, My 2 Favorite Stocks to Buy Right Now, Motley Fool analyst Leo Sun highlights Opendoor as the “speculative” half of a barbell strategy. ^[9]

Key points from that piece:

Opendoor remains the leading instant‑buyer (iBuyer) for U.S. homes, using AI‑driven pricing to make cash offers, renovate, and resell.
Revenue has been in multi‑year decline – down roughly 55% in 2023, 26% in 2024, and expected to fall again in 2025 – but Wall Street models call for a return to growth from 2025–2027, with sales projected to compound at around high‑20% annual rates later in the decade. ^[10]
Analysts in that view expect adjusted EBITDA to turn positive by 2027, assuming the housing market stabilizes and Opendoor’s margin initiatives stick. ^[11]
Based on recent numbers, the article pegs enterprise value around $7.3 billion, implying roughly 1.5–2.0x forecast 2026 revenue, which the author considers attractive for a high‑growth, high‑risk name. ^[12]

In short, this camp sees Opendoor as a higher‑risk growth stock that could benefit “disproportionately” if rates fall, volumes return, and its AI‑heavy model scales.

2. Skeptical view: meme gains already captured

Another Motley Fool piece, Could Opendoor Technologies Be a Millionaire‑Maker Stock?, takes a much more cautious tone. ^[13]

That article notes:

OPEN traded as low as $0.51 in June; at prices above $7, early dip‑buyers have already enjoyed a 13x+ return. ^[14]
Revenue for the first nine months of 2025 came in around $3.6 billion, down about 11% year over year, while cumulative net losses still exceeded $200 million, though they narrowed versus 2024. ^[15]
Analysts expect only around 12% revenue growth in 2026, and the author argues there’s no obvious long‑term earnings ramp that would justify another explosive run from today’s base. ^[16]

The conclusion: Opendoor has already made some investors rich, but the odds of turning a small stake into $1 million from current levels look slim without a truly extraordinary multi‑year rally.

3. Macro, losses and dilution: “be careful going into 2026”

In Should You Invest in Opendoor Stock?, published yesterday, Motley Fool contributor Thomas Niel leans into the risk side. ^[17]

He points out that:

The 2025 meme wave around Opendoor started after hedge fund manager Eric Jackson publicly argued the stock could surge as the company monetizes its housing data and returns to growth, even floating a price target in the $80+ range at the time. ^[18]
Shares subsequently jumped more than 10x into the September highs near $10.87. ^[19]
But housing forecasts for 2026 remain mixed, and current sell‑side estimates still pencil in sizable losses, implying Opendoor may need more capital on top of the large offering it just completed – raising the risk of further dilution. ^[20]

Niel’s bottom line: meme momentum alone is unlikely to carry the stock through another blockbuster year if fundamentals don’t improve quickly.

4. Zacks and other quantitative services: still a sell

Zacks Investment Research, in its December 9 piece Opendoor Stock Tumbles 11% in a Month: Should You Buy the Weakness?, frames the recent pullback as part technical, part fundamental. ^[21]

Zacks highlights:

An ~11% drop over the past month, following an enormous run from mid‑year lows. ^[22]
Q3 2025 revenue of $915 million, down roughly 34% year over year, with gross profit of $66 million and contribution margin slipping to 2.2%. ^[23]
A net loss of $90 million for the quarter and adjusted net loss of about $61 million, even as inventory shrank to around 3,100 homes, roughly half of prior‑year levels. ^[24]

While Zacks acknowledges the scale of Opendoor’s reset and the speed of its new AI‑driven tools, it maintains a Zacks Rank #4 (Sell), citing ongoing macro, execution and valuation risk. ^[25]

Separately, StockInvest.us’s automated model likewise flags OPEN as a negative, high‑risk setup in a “wide and falling” short‑term trend, forecasting a potential trading band between roughly $4.74 and $7.13 over the next three months. ^[26]

5. “I remain bearish”: valuation worries at ~$7 billion

A recent Seeking Alpha opinion piece titled Opendoor Technologies: I Remain Bearish echoes many of these concerns, arguing that a roughly $7 billion market value is hard to justify given the Q3 miss, soft guidance and continued losses. ^[27]

The author points to:

Revenue that, while above Opendoor’s own guidance, still fell well short of pre‑rate‑hike levels. ^[28]
Guidance implying another adjusted EBITDA loss of $40–50 million in Q4 and no GAAP profitability before 2027+ under current plans. ^[29]

All told, the “bear camp” sees a long road to sustainable profits and a valuation that already bakes in much of that turnaround.

Inside “Opendoor 2.0”: from iBuyer to software‑first real‑estate platform

New CEO, old founders back, and a meme‑powered reset

The current chapter of the Opendoor story dates to September 2025, when the company:

Hired Kaz Nejatian, then COO of Shopify, as CEO,
Brought back co‑founders Eric Wu and Keith Rabois to the board, with Rabois becoming chairman, and
Secured fresh equity investment led by Khosla Ventures and insiders. ^[30]

Barron’s and other outlets reported that the leadership overhaul helped drive an 80% single‑day surge to about $10.52, igniting a powerful rally championed by retail investors who call themselves the “Open Army.” ^[31]

A separate AInvest deep‑dive describes Opendoor’s 2025 run as a 463% year‑to‑date surge driven by meme‑stock dynamics, AI promises, and heavy engagement from retail traders on social platforms. ^[32]

Q3 2025 results: shrinking revenue, widening losses

Against that backdrop, Q3 2025 was the first full quarter under the “Opendoor 2.0” banner – and it underscored both progress and pain:

Revenue: ≈ $915 million, down from about $1.38 billion in Q3 2024 (a ~34% year‑over‑year decline). ^[33]
Net loss: roughly $90 million, worse than the $78 million loss a year earlier. ^[34]
Adjusted EBITDA: about –$33 million, and gross margin around 7.2%, down from over 7.5–11% in prior‑year comparisons depending on the source. ^[35]
Homes sold: about 2,568, versus 3,615 in Q3 2024, reflecting deliberately lower volumes. ^[36]
Inventory: roughly 3,100 homes, nearly 50% lower than the prior year, as the company cleared out older, lower‑quality properties. ^[37]

The company and several research summaries emphasize that a large part of the quarter was spent liquidating legacy inventory acquired under the old model, which weighed on margins even as it reduced risk. ^[38]

Q4 guidance and a 2026 profitability target

From Fintool’s aggregation of Opendoor’s Q3 filings and guidance: ^[39]

Q4 2025 outlook:
- Home acquisitions expected to increase at least 35% versus Q3,
- Revenue projected to fall about 35% quarter‑over‑quarter, as volumes build from a smaller base and older inventory flushes through,
- Adjusted EBITDA loss guided to the high‑$40 million to mid‑$50 million range.
Medium‑term goal: management is targeting breakeven adjusted net income by the end of 2026 on a forward 12‑month basis, aided by cost cuts and operating leverage.

So far, quarterly performance still looks like a turnaround in early innings, with growth sacrificed short‑term to reset the balance sheet and operating model.

What “Opendoor 2.0” actually changes

Several recent analyses, including Zacks and AInvest’s AI‑generated but human‑reviewed piece Meme‑Stock Momentum to Sustainable Value: Opendoor’s AI‑Powered Turnaround and Retail‑Driven Rebirth, outline the key elements of Opendoor 2.0. ^[40]

Highlights include:

Narrower spreads & new underwriting: Management concluded that overly wide acquisition spreads were attracting lower‑quality homes and slowing volumes. The company is now targeting tighter, more consistent spreads and repositioning itself as a market‑maker focused on speed and standardization, not big one‑off spreads. ^[41]
“Trust but verify” inspections: Opendoor has rebuilt its inspection workflow around in‑app video and audio, feeding AI‑driven condition models designed to catch issues earlier, reduce surprises and improve selection quality. ^[42]
AI everywhere: The new CEO has embraced an “AI‑first” culture, embedding machine learning into pricing engines, underwriting, lead routing, and customer workflows. Home assessments that previously took a day can now be completed in minutes, and the company reports a doubling of weekly acquisition pace and a multiple‑fold jump in conversion for its direct‑to‑consumer funnel after these changes. ^[43]
Lean operations: Opendoor has reduced headcount (AInvest cites roughly a 21% workforce reduction) and trimmed external consultants, aiming to keep fixed operating costs roughly flat even as volumes ramp back up. ^[44]

Management’s thesis is that if AI can speed turnover and improve unit economics, Opendoor can eventually earn steady margins at scale without needing extreme home price appreciation.

Capital moves, warrant dividend and dilution risk

To support the transformation – and address investor concerns about debt – Opendoor has made a series of capital‑structure moves that are front and center in recent analysis.

According to Fintool’s summaries of SEC filings: ^[45]

In early November, Opendoor sold about 180.6 million new shares at $6.56 each via a registered offering, significantly increasing the share count.
Proceeds are being used in part to repurchase roughly $264 million of 2030 convertible notes and to bolster liquidity.
At the same time, the company announced a special dividend of three series of tradable warrants:
- For every 30 shares held as of November 18, 2025, stockholders received one warrant of each series (K, A, Z).
- Strike prices are $9, $13 and $17, respectively, with expirations in November 2026 and potential early‑expiration triggers if the stock trades well above those levels.
- The warrants are expected to trade on Nasdaq under tickers OPENW, OPENL and OPENZ.

Critics argue that the combo of large equity issuance plus warrants means meaningful potential dilution if the turnaround works and shares rise into or above those strike zones. Supporters counter that buying back converts and adding flexible capital reduces balance‑sheet risk and aligns long‑term upside for existing holders.

Zacks and several independent commentators describe the warrant program as both a confidence signal and a way to put pressure on short sellers, since successful execution could leave shorts exposed to a higher fully diluted share count. ^[46]

Analysts vs. the “Open Army”: the expectations gap

Street targets far below the current price

Despite the massive rally, most traditional analysts remain cautious:

MarketWatch data shows an average recommendation around “Hold” with a mean 12‑month price target near $2.99 across roughly nine covering analysts. ^[47]
Public.com’s aggregated forecast, based on five analysts, lists OPEN as a consensus “Sell” with a 2025 price target around $1.70 per share. ^[48]
Benzinga’s compilation of recent notes highlights targets concentrated in the $1–$7 range, including an “Underperform” rating with a $1 target from Zelman & Associates and cautious views from Citigroup and Keefe, Bruyette & Woods. ^[49]

With the stock trading around $7.05 in premarket, Opendoor changes hands at more than double the average Wall Street target, underlining how far retail enthusiasm has outpaced traditional valuation models.

Meme‑stock dynamics and big new holders

On the other side of the ledger:

Jane Street, a major quantitative trading firm, recently disclosed a 5.9% stake (around 44 million shares), a position worth roughly $360 million at the time of the filing. That news helped fuel another leg of the rally and reinforced Opendoor’s status as a hedge‑fund plus retail favorite, even as the company remains unprofitable. ^[50]
Business Insider and others have dubbed hedge fund manager Eric Jackson the “architect” of this year’s Opendoor rally, noting that his public bull case and aggressive price targets helped spark an approximately 1,000% gain over six months before the stock pulled back. ^[51]

This tug‑of‑war—quant funds and retail traders vs. cautious analysts—is a big reason why volatility remains so elevated.

Housing market backdrop: cooler prices, still‑tough conditions

Opendoor’s fortunes remain tightly linked to the U.S. housing cycle.

In an early‑December housing report on its own site, Opendoor’s editorial team highlighted that U.S. home prices rose only 2.2% year over year in Q3 2025, down from 2.9% in Q2, with just 0.2% price growth quarter‑over‑quarter, citing FHFA data. ^[52]

Key takeaways from that report:

The market appears to be moving into a stabilization / cooling phase after years of rapid appreciation.
Monthly price moves have become choppier, with small gains in some months and declines in others, suggesting heightened sensitivity to macro data and mortgage rates. ^[53]
Conforming loan limits for 2026 will rise to $832,750 in most of the U.S., which may modestly support purchasing power in higher‑cost markets. ^[54]

Motley Fool’s latest bullish piece also notes that, even after multiple Fed rate cuts since 2024, mortgage rates remain high enough that many sellers are reluctant to move, which limits transaction volumes for platforms like Opendoor. ^[55]

For Opendoor, a slow but steady normalization—rather than a boom or bust—may be the most constructive outcome, allowing its AI‑based underwriting and faster turnover to shine without being overwhelmed by wild price swings.

What today’s premarket action might be telling us

With OPEN trading around $7.05 premarket, a touch above Wednesday’s close, the early signal is cautiously constructive:

The move partially offsets yesterday’s slide but doesn’t materially change the big picture after a month‑long pullback. ^[56]
The bump coincides with fresh positive coverage (such as Leo Sun’s inclusion of Opendoor among his “favorite stocks to buy right now”) but is modest compared with the typical 10%+ intraday swings OPEN has seen recently. ^[57]

Short‑term traders will likely focus on:

Whether the stock can hold above the $7 level,
How it reacts around near‑term resistance near the mid‑$7s flagged by technical models, and
Any new headlines related to housing data, rate expectations, or Opendoor’s AI initiatives and warrant trading. ^[58]

Key things to watch in the days and weeks ahead

For readers following Opendoor stock into today’s session and beyond, the main catalysts to monitor include:

Execution vs. Q4 guidance
- Are home acquisitions actually up 35%+ vs. Q3?
- Does revenue fall roughly as expected, or do volumes and spreads surprise to the upside/downside? ^[59]
Path to 2026 profitability goals
- Investors will be tracking adjusted EBITDA and adjusted net income to see if quarterly loss run‑rates are narrowing in line with management’s breakeven‑by‑2026 goal. ^[60]
Impact of AI‑driven efficiency gains
- Evidence that AI underwriting and automation are materially improving margins, cutting cycle times, and boosting conversion rates could strengthen the bull case that Opendoor is more of a software‑enabled marketplace than a simple home‑flipper. ^[61]
Warrant trading and dilution math
- As the new OPENW, OPENL and OPENZ warrants start trading and investors model potential exercise scenarios, the market will re‑price fully diluted valuation and the risk/reward of the capital structure. ^[62]
Macro signals: rates and housing data
- Updates on mortgage rates, Fed policy and FHFA home price trends will continue to shape expectations for transaction volumes in 2026 and beyond. ^[63]

Bottom line

At just after 6:00 a.m. EST on December 11, 2025, Opendoor stock is nudging higher in premarket trading, but the bigger story is unchanged:

Fundamentals: revenue is still falling year‑over‑year, and the company remains firmly loss‑making, even as it pushes toward a 2026 profitability target. ^[64]
Strategy: “Opendoor 2.0” represents a genuine attempt to pivot from asset‑heavy iBuying to a software‑ and AI‑driven real‑estate platform, with early signs of faster acquisitions and leaner operations. ^[65]
Valuation & risk: after a several‑hundred‑percent rally in 2025, the stock trades well above consensus price targets, while recent capital raises and warrant issuance introduce meaningful dilution risk if the turnaround succeeds. ^[66]

For now, OPEN remains a high‑beta, high‑controversy name, where small waves of news—positive or negative—can translate into large price swings.

This article is for informational purposes only and does not constitute financial, investment, or trading advice. Always do your own research or consult a licensed financial adviser before making investment decisions.