The Vanguard Group, Inc. recently announced the acquisition of new stake in Opendoor Technologies Inc. (NASDAQ:OPEN). The institutional investor has increased its shareholding in the Real Estate company by 9.13% to 73.54 million shares with purchase of 6.15 million shares. This fresh investment now brings its stake to 11.16% valued currently at $286.83 million. In addition, BlackRock Fund Advisors raised its holdings by 18.03 million to 37.26 million shares. And Renaissance Technologies LLC has lifted its position by 52.37% or 6.11 million shares – to 17.79 million shares.
With over 32.77 million Opendoor Technologies Inc. (OPEN) shares trading Friday and a closing price of $3.22 on the day, the dollar volume was approximately $105.53 million. The shares have shown a positive half year performance of 92.81% and its price on 09/15/23 lost nearly -5.85%. Currently, there are 646.06M common shares owned by the public and among those 547.96M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for OPEN have a consensus price objective of $3.31. The analysts have set the share’s price value over the next 12 months at a high of $7.00 and a low of $1.00. The average price target is 4.45% above its recent price level and a downside to the estimated low will see the stock lose -222.0% over that period. But an upside of 54.0% will see the stock hit the forecast high price target while median target price for the stock is $3.20.
Insiders at the company have transacted a total of 77 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 17,691,957 shares. Insider sales of the common stock occurred on 63 occasions, with total insider shares sold totaling 19,233,605 shares.
The top 3 mutual fund holders in Opendoor Technologies Inc. are Vanguard Real Estate Index Fund, Vanguard Total Stock Market ETF, and First Trust Dow Jones Internet In. Vanguard Real Estate Index Fund owns 21.69 million shares of the company’s stock, all valued at over $84.61 million. The company bought an additional 14371.0 shares recently to bring their total holdings to about 3.29% of the shares outstanding. Vanguard Total Stock Market ETF sold 1357.0 shares to see its total holdings shrink to 16.3 million shares valued at over $63.58 million and representing 2.47% of the shares outstanding. First Trust Dow Jones Internet In bought 0.73 million shares to bring its total holdings to over 16.16 million shares at a value of $63.01 million. First Trust Dow Jones Internet In now owns shares totaling to 2.45% of the shares outstanding.
Shares of Opendoor Technologies Inc. (NASDAQ: OPEN) opened at $3.44, up $0.02 from a prior closing price of $3.42. However, the script later moved the day high at 3.4400, down -5.85%. The company’s stock has a 5-day price change of -14.81% and 8.05% over the past three months. OPEN shares are trading 177.59% year to date (YTD), with the 12-month market performance down to -25.12% lower. It has a 12-month low price of $0.92 and touched a high of $5.41 over the same period. OPEN has an average intraday trading volume of 22.03 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.62%, -17.83%, and 33.60% respectively.
Institutional ownership of Opendoor Technologies Inc. (NASDAQ: OPEN) shares accounts for 69.00% of the company’s 646.06M shares outstanding. Mutual fund holders own 28.78%, while other institutional holders and individual stakeholders account for 32.11% and 22.58% respectively.
It has a market capitalization of $2.22B and a beta (3y monthly) value of 2.18. The earnings-per-share (ttm) stands at -$2.23. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.66% over the week and 7.83% over the month.
Analysts forecast that Opendoor Technologies Inc. (OPEN) will achieve an EPS of -$0.16 for the current quarter, -$0.13 for the next quarter and -$0.37 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.2 while analysts give the company a high EPS estimate of -$0.12. Comparatively, EPS for the current quarter was -$1.47 a year ago. Earnings per share for the fiscal year are expected to decrease by -93.10%, and 72.00% over the next financial year. EPS should grow at an annualized rate of 5.20% over the next five years, compared to -69.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Opendoor Technologies Inc. (OPEN) as a “Hold” at a consensus score of 3.00. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 4 of the 12 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the OPEN, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on July 24, 2023, with the firm’s price target at $4.25.
