Opendoor Technologies Inc. [NASDAQ: OPEN] closed the trading session at $28.04 on 02/23/21. The day’s price range saw the stock hit a low of $25.10, while the highest price level was $28.86. The company report on February 5, 2021 that Opendoor Technologies Inc. Announces Upsize and Pricing of its Follow-On Public Offering of Common Stock.
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.
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.
The stocks have a year to date performance of 23.36 percent and weekly performance of -14.38 percent. The stock has been moved at 156.31 percent over the last six months. The stock has performed -3.77 percent around the most recent 30 days and changed 44.39 percent over the most recent 3-months.
If compared to the average trading volume of 6.87M shares, OPEN reached to a volume of 13049274 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say 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.
KeyBanc Capital Markets have made an estimate for Opendoor Technologies Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on February 19, 2021. While these analysts kept the previous recommendation, Wedbush raised their target price to Outperform. The new note on the price target was released on January 06, 2021, representing the official price target for Opendoor Technologies Inc. stock.
The Average True Range (ATR) for Opendoor Technologies Inc. is set at 2.81, with the Price to Sales ratio for OPEN stock in the period of the last 12 months amounting to 4.42.
OPEN stock trade performance evaluation
Opendoor Technologies Inc. [OPEN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -14.38. With this latest performance, OPEN shares dropped by -3.77% in over the last four-week period, additionally plugging by 156.31% 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 46.12, with the RSI for the last a single of trading hit 40.38, and the three-weeks RSI is set at 49.11 for Opendoor Technologies Inc. [OPEN]. The present Moving Average for the last 50 days of trading for this stock 28.10, while it was recorded at 30.39 for the last single week of trading.
Opendoor Technologies Inc. [OPEN]: An insightful look at the core fundamentals
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.
Opendoor Technologies Inc. [OPEN]: Insider Ownership positions
There are presently around $7,213 million, or 52.40% of OPEN stock, in the hands of institutional investors. The top three institutional holders of OPEN stocks are: SB INVESTMENT ADVISERS (UK) LTD with ownership of 73,620,282, which is approximately New of the company’s market cap and around 7.80% of the total institutional ownership; VK SERVICES, LLC, holding 46,120,934 shares of the stock with an approximate value of $1.29 billion in OPEN stocks shares; and MAGNETAR FINANCIAL LLC, currently with $671.85 million in OPEN stock with ownership of nearly New of the company’s market capitalization.
113 institutional holders increased their position in Opendoor Technologies Inc. [NASDAQ:OPEN] by around 247,082,985 shares. Additionally, 52 investors decreased positions by around 10,612,936 shares, while 5 investors held positions by with 470,892 shares. The mentioned changes placed institutional holdings at 257,225,029 shares, according to the latest SEC report filing. OPEN stock had 91 new institutional investments in for a total of 230,145,670 shares, while 42 institutional investors sold positions of 9,489,427 shares during the same period.