Why Opendoor Stock Fell 14% in January
Opendoor Technologies (NASDAQ: OPEN) stock fell 14% in January according to data provided by S&P Global Market Intelligence. The real estate market has stayed stubbornly challenging, and Opendoor isn't likely to demonstrate strong progress until the market changes.
Opendoor is a real estate technology stock. It offers a number of digital services including an online marketplace, buying, and data analysis. It's the future of real estate, but it hasn't had the chance to prove itself over the past few years, since the real estate sector has been crushed by high interest rates.
Management is focusing on whatever it can to stay afloat and run its business right now, such as cutting expenses, but there are only so many homes it can buy and resell. There was progress in the third quarter, at least year over year. But it's still in decline from its highs when interest rates were at zero.
Source Fool.com
