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Opendoor Technologies Inc. (NASDAQ: OPEN) Stock: Up 234.79% Since Low, This Stock Is Just Getting Warmed Up

Opendoor Technologies Inc. (NASDAQ:OPEN) price is hovering lower on Tuesday, September 19, dropping -3.76% below its previous close.

A look at today’s price movement shows that the recent level at last check reads $3.19, with intraday deals fluctuating between $3.13 and $3.28. The company’s 5Y monthly beta was ticking 2.16. Taking into account the 52-week price action we note that the stock hit a 52-week high of $5.41 and 52-week low of $0.92. The stock subtracted -2.85% on its value in the past month.

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Opendoor Technologies Inc., which has a market valuation of $2.12 billion, is expected to release its quarterly earnings report Nov 01, 2023 – Nov 06, 2023. Analysts tracking OPEN have forecast the quarterly EPS to shrink by -0.16 per share this quarter, while the same analysts predict the annual EPS to hit -$1.32 for the year 2023 and up to -$0.37 for 2024. In this case, analysts estimate an annual EPS growth of 38.90% for the year and 72.00% for the next year.

On average, analysts have forecast the company’s revenue for the quarter will hit $1 billion, with the likely lows of $970 million and highs of $1.08 billion. The average estimate suggests sales growth for the quarter will likely fall by -65.90% when compared to those recorded in the same quarter in the last financial year. Staying with the analyst view, there is a consensus estimate of $7.24 billion for the company’s annual revenue in 2023. Per this projection, the revenue is forecast to grow -53.50% below that which the company brought in 2023.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give OPEN a short term outlook of Hold on average. Looking at the stock’s medium term indicators we note that it is averaging as a 50% Buy, while an average of long term indicators are currently assigning the stock as 50% Buy.

The overview shows that OPEN’s price is at present -13.82% off the SMA20 and -21.14% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 33.59, with weekly volatility standing at 6.64%. The indicator jumps to 7.77% when calculated based on the past 30 days. Opendoor Technologies Inc. (NASDAQ:OPEN)’s beta value is holding at 2.20, while the average true range (ATR) indicator is currently reading 0.27.

An analysis of the Opendoor Technologies Inc. (NASDAQ:OPEN) stock in terms of its daily trading volume indicates that the 3-month average is 21.89 million. However, this figure increases on the past 10-day timeline to an average of 14.54 million.

Current records show that the company has 646.06M in outstanding shares. The insiders’ percentage holdings are 6.50% of outstanding shares while the percentage share held by institutions stands at 69.00%. The stats also highlight that short interest as of Aug 30, 2023, stood at 66.23 million shares, which puts the short ratio at the time at 3.5. From this we can glean that short interest is 10.05% of company’s current outstanding shares. Notably, we see that shares short in August fall slightly given the previous month’s figure stood at 67.28 million. But the 164.66% upside, the stock’s price has registered year-to-date as of today’s value, will likely reignite investor interest given the prospect of it rallying even higher.