Why Is Opendoor (OPEN) Stock Soaring Today

This article first appeared on GuruFocus.

Sep 11 – Opendoor (NASDAQ:OPEN) shares jump about 30% in early Thursday trading after the company names Kaz Nejatian as CEO and brings co-founder Keith Rabois back as chairman.

The move follows last month’s resignation of Carrie Wheeler amid investor pressure and a period of intense retail interest that lifted Opendoor from near-delisting risk to meme stock status.

Nejatian joins from Shopify (NASDAQ:SHOP), where he serves as chief operating officer and leads product teams; Shopify plans to shift his responsibilities when he departs on Sept. 12. Eric Wu, an Opendoor founder who left as CEO in 2023, returns to the board as part of the management reshuffle. Rabois, a partner at Khosla Ventures, helped launch Opendoor and actively lobbied for leadership changes this year.

Opendoor’s stock surge reflects renewed investor confidence in a turnaround story that still faces operational and regulatory challenges. The company escaped Nasdaq delisting in May after its share price rose above the minimum threshold, and its market cap now sits near $6 billion after the rally.

Management faces the task of translating retail enthusiasm into sustainable revenue and execution.

Why Is Opendoor (OPEN) Stock Soaring Today
Why Is Opendoor (OPEN) Stock Soaring Today

Based on the one year price targets offered by 8 analysts, the average target price for Opendoor Technologies Inc is $1.24 with a high estimate of $2.00 and a low estimate of $0.70. The average target implies a downside of -78.80% from the current price of $5.86.

Based on the consensus recommendation from 11 brokerage firms, Opendoor Technologies Inc’s (NASDAQ:OPEN) average brokerage recommendation is currently 3.4, indicating a “Hold” status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.

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