Why Opendoor Technologies Stock Is Soaring Today
Shares of Opendoor Technologies (NASDAQ: OPEN) are moving higher on Tuesday, up 8.2% as of 1:24 p.m. ET, and had moved as much as 15.6% earlier in the day. The spike comes as the S 500 and Nasdaq Composite gained 0.9% and 1.1%, respectively.
After a monster meme-stock rally in July, the real estate technology company's stock fell last week following underwhelming Q2 results. It's back on the move this week as investors believe the company's management may be listening to their concerns.
Last week's earnings release showed weak revenue growth and continued net losses, though that loss is shrinking. The company also reported its first positive quarter of earnings before interest, taxes, depreciation, and amortization (EBITDA) since 2022. CEO Carrie Wheeler addressed concerns over the weak earnings, saying that the housing market continued to deteriorate.
Source Fool.com
