"Shares of Opendoor Technologies Inc. surged more than 188% over a week, reflecting investor interest despite recent struggles due to rising interest rates and a slowing housing market."
"Opendoor specializes in buying homes directly from sellers, making improvements, and then reselling them for profit. This simplistic house-flipping model faced challenges as interest rates rose."
Opendoor Technologies Inc., founded in 2014 and based in San Francisco, offers a platform for homeowners to sell their properties directly. Shares of Opendoor, trading under the ticker OPEN, saw a notable rise of over 188% recently after a considerable drop from a high of nearly $40 in February 2021 to around $1.16 by the end of 2022. The decline was due to increased borrowing costs from rising interest rates and a slowdown in home buying. The company is currently under threat of delisting but has seen a renewed interest in its stock recently.
Read at Fast Company
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