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...
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 trading about 17% below its 20-day simple moving average of $4.15 and 37.3% below its 200-day simple moving average of $5.48.
The 20-day moving average remains below the 50-day average, while the 50-day average continues to trade below the 200-day average, maintaining a bearish “death cross” pattern formed in March.
Momentum indicators also remain weak.
The MACD is below its signal line, suggesting buying momentum continues to fade.
Traders are watching resistance near $4.15, which aligns with the 20-day moving average.
Immediate support sits near $3.44.
A break below that level could send the shares toward the lower end of their recent trading range.
ETF Exposure The stock is a holding in the Defiance Retail Kings ETF (NASDAQ: RKNG ), where it represents about 3.7% of the portfolio.
Fund inflows or outflows could influence demand for the shares.
OPEN Stock Price Activity: Opendoor Technologies shares were down 8.24% at $3.45 at the time of publication on Thursday, according to Pro data.
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