Why Is Opendoor Technologies Stock Falling Thursday?

Opendoor Technologies Inc. (NASDAQ: OPEN ) stock traded lower Thursday after the company reported second-quarter results that beat Wall Street estimates but issued third-quarter revenue guidance that came in below expectations. Second-Quarter Results Beat Estimates Opendoor reported a second-quarter loss of 3 cents per share, beating analysts’ expectations for a loss of 7 cents per share. Revenue totaled $883 million, surpassing the consensus estimate of $666.54 million. However, revenue declined from $1.57 billion in the year-ago quarter. Third-Quarter Outlook Disappoints The company forecast third-quarter revenue of about $1.098 billion, below the analyst consensus estimate of $1.132 billion. Following the results, UBS maintained its Neutral rating on the stock and lowered its price forecast to $4.50. Technical Analysis The stock remains in a longer-term downtrend. OPEN is tra...