#6 - Opendoor Technologies (NASDAQ:OPEN)
The housing market is expected to benefit significantly from interest rate cuts. A lower federal funds rate will also mean lower mortgage rates. That could, in theory, unlock some of the supply issues facing the sector.
If homeowners do start listing, you’ll be glad you invested in Opendoor Technologies Inc. (NASDAQ: OPEN). The online platform is designed to let homeowners sell their homes directly to Opendoor without needing a traditional real estate agent. The platform also provides services for buyers.
There’s no sugarcoating the 56% decline in OPEN stock in 2024. The company has delivered five consecutive quarters of declining year-over-year (YoY) revenue. However, in its most recent quarter that YoY decline was significantly less, showing the company may face easier comparisons.
It could also be set up for significant gains should the company’s growth begin to accelerate. That seems to be the sense of analysts who give the stock a price target of $2.69 which is 31.9% higher than its closing price on September 11, 2024.
About Opendoor Technologies
Opendoor Technologies Inc operates a digital platform for residential real estate transactions in the United States. It buys and sells homes. The company's product offerings comprise sell to opendoor product that enables homeowners to sell their home directly to it and resell the home to a home buyer; list with opendoor product that allows customers to list their home on the MLS with opendoor and receive cash offer; and opendoor marketplace product that connects the home seller with an institutional or retail buyer.
Read More - Current Price
- $2.28
- Consensus Rating
- Hold
- Ratings Breakdown
- 1 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $2.84 (24.5% Upside)
