Sunday, February 28, 2021

Wedbush slashes price target on Opendoor Technologies Inc. [OPEN] – find out why.

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Opendoor Technologies Inc. [NASDAQ: OPEN] loss -6.60% on the last trading session, reaching $26.60 price per share at the time. The company report on February 5, 2021 that Opendoor Technologies Inc. Announces Upsize and Pricing of its Follow-On Public Offering of Common Stock.

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Opendoor Technologies Inc. (“Opendoor”) (Nasdaq: OPEN), a leading digital platform for residential real estate, announced the upsize and pricing of its follow-on public offering of 28,536,888 shares of its common stock at a price to the public of $27 per share. All of the shares of common stock are being offered by Opendoor. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Opendoor, are expected to be approximately $770 million. The offering was upsized from the previously announced offering size of 24,000,000 shares of common stock. The offering is expected to close on February 9, 2021, subject to the satisfaction of customary closing conditions. In addition, Opendoor has granted the underwriters the right to purchase up to 4,280,533 additional shares of common stock at the public offering price, less the underwriting discounts and commissions.


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Citigroup and Goldman Sachs & Co. LLC are acting as lead joint book-running managers for the proposed offering. Barclays Capital Inc., Deutsche Bank Securities Inc. and Oppenheimer & Co. Inc. are also acting as book-running managers. BTIG, LLC, KeyBanc Capital Markets Inc., Wedbush Securities Inc., TD Securities (USA) LLC, Zelman Partners LLC, Academy Securities, Inc., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., and Siebert Williams Shank & Co., LLC, are acting as co-managers.

Opendoor Technologies Inc. represents 544.42 million in outstanding shares, while the company has a total market value of $15.51 billion with the latest information. OPEN stock price has been found in the range of $26.31 to $27.0999.

If compared to the average trading volume of 4.65M shares, OPEN reached a trading volume of 24092653 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Opendoor Technologies Inc. [OPEN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OPEN shares is $32.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OPEN stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wedbush have made an estimate for Opendoor Technologies Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 06, 2021. The new note on the price target was released on December 30, 2020, representing the official price target for Opendoor Technologies Inc. stock.

The Average True Range (ATR) for Opendoor Technologies Inc. is set at 2.25, with the Price to Sales ratio for OPEN stock in the period of the last 12 months amounting to 4.32.

Trading performance analysis for OPEN stock

Opendoor Technologies Inc. [OPEN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.84. With this latest performance, OPEN shares dropped by -1.48% in over the last four-week period, additionally plugging by 141.05% over the last 6 months.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OPEN stock in for the last two-week period is set at 49.09, with the RSI for the last a single of trading hit 46.26, and the three-weeks RSI is set at 50.90 for Opendoor Technologies Inc. [OPEN]. The present Moving Average for the last 50 days of trading for this stock 26.04, while it was recorded at 27.68 for the last single week of trading.

Opendoor Technologies Inc. [OPEN]: A deeper dive into fundamental analysis

Opendoor Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.30 and a Current Ratio set at 5.20.

An analysis of insider ownership at Opendoor Technologies Inc. [OPEN]

There are presently around $613 million, or 31.20% of OPEN stock, in the hands of institutional investors. The top three institutional holders of OPEN stocks are: SUVRETTA CAPITAL MANAGEMENT, LLC with ownership of 4,100,000, which is approximately 237.727% of the company’s market cap and around 8.20% of the total institutional ownership; SUMITOMO MITSUI TRUST HOLDINGS, INC., holding 2,431,580 shares of the stock with an approximate value of $64.68 million in OPEN stocks shares; and D. E. SHAW & CO., INC., currently with $43.72 million in OPEN stock with ownership of nearly New of the company’s market capitalization.

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82 institutional holders increased their position in Opendoor Technologies Inc. [NASDAQ:OPEN] by around 18,358,065 shares. Additionally, 36 investors decreased positions by around 10,755,683 shares, while 5 investors held positions by with 6,054,993 shares. The mentioned changes placed institutional holdings at 23,058,755 shares, according to the latest SEC report filing. OPEN stock had 74 new institutional investments in for a total of 13,572,072 shares, while 26 institutional investors sold positions of 6,330,009 shares during the same period.

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