Shares of Opendoor Technologies Inc. (NASDAQ: OPEN) are rising Thursday after a notable investor disclosed a substantial stake in the property technology company, which operates a platform where individuals can buy and sell homes.
What To Know: Opendoor stock is up more than 7% on Thursday after investment firm Jane Street disclosed a 5.9% stake in the company. In a 13G filing, Jane Street said it owns approximately 44.03 million shares of Opendoor.
Opendoor stock has become popular among retail investors in recent months as Hedge fund manager Eric Jackson continues to argue the stock is undervalued on social media. The Opendoor investment thesis has also benefited from an anticipated rate-cutting cycle.
The U.S. Census Bureau and the Department of Housing and Urban Development released a report this week showing that sales of new single-family houses in August were at a seasonally-adjusted annual rate of 800,000, up 20.5% month-over-month. The median sales price of new houses sold in August was $413,500.
Opendoor shares have more than doubled over the past month and are up approximately 450% year-to-date, according to Benzinga Pro.
Opendoor beat expectations for revenue in the company’s latest fiscal quarter, and also achieved its first quarter of adjusted EBITDA profitability since 2022.
OPEN Price Action: Opendoor shares were up 7.74% at $8.87 at the time of publication Thursday, according to Benzinga Pro.
RSI is calculated at 72.50, indicating the stock is nearing overbought territory, which could lead to a pullback if momentum shifts. The MACD shows a bullish crossover, but the lines are converging, hinting at potential weakening momentum. However, Benzinga Edge rankings show a strong momentum score of 99.19.
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