Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Opendoor Technologies Inc. shares valued at $1,253,450 were sold by Wu Eric Chung-Wei on Jun 09. At $2.51 per share, Wu Eric Chung-Wei sold 500,000 shares. The insider’s holdings dropped to 21,130,676 shares worth approximately $62.97 million following the completion of this transaction.
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Also, Wu Eric Chung-Wei sold 1,500,000 shares, netting a total of over 3,594,750 in proceeds. Following the sale of shares at $2.40 each, the insider now holds 21,630,676 shares.
Before that, Wu Eric Chung-Wei had sold 1,500,000 shares from its account. In a trade valued at $3,581,400, the Director traded Opendoor Technologies Inc. shares for $2.39 each. Upon closing the transaction, the insider’s holdings decreased to 1,500,000 shares, worth approximately $68.93 million.
As published in a research note from Wedbush on April 24, 2023, Opendoor Technologies Inc. [OPEN] has been rated down from an Outperform to a Neutral and the price target has been revised to $1.70 from $3.50. This represents a -75.29% premium over Thursday’s closing price.
Analyzing OPEN Stock Performance
On Thursday, Opendoor Technologies Inc. [NASDAQ: OPEN] rose 1.36% to $2.98. The stock’s lowest price that day was $2.75, but it reached a high of $3.01 in the same session. During the last five days, there has been a surge of approximately 19.68%. Over the course of the year, Opendoor Technologies Inc. shares have jumped approximately 156.90%. Shares of the company reached a 52-week high of $3.12 on 06/14/23 and a 52-week low of $1.03 on 01/06/23. A 50-day SMA is recorded $2.03, while a 200-day SMA reached $2.13. Nevertheless, trading volume fell to 22.01 million shares from 37.83 million shares the previous day.
Support And Resistance Levels for Opendoor Technologies Inc. (OPEN)
According to the 24-hour chart, there is a support level at 2.82, which, if violated, would cause prices to drop to 2.65. In the upper region, resistance lies at 3.08. The next price resistance is at 3.17. RSI (Relative Strength Index) is 67.82 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.37, which suggests the price will decrease in the coming days. Percent R is at 15.57%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Opendoor Technologies Inc. subject to short interest?
Stocks of Opendoor Technologies Inc. saw a sharp rise in short interest on May 30, 2023 jumping by 10.71 million shares to 73.06 million. Data from Yahoo Finance shows that the short interest on Apr 27, 2023 was 62.35 million shares. A jump of 14.66% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.92 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.92.
Which companies own the most shares of Opendoor Technologies Inc. (OPEN)?
According to The Vanguard Group, Inc. filings, the company currently owns 67,394,033 shares, which is about 10.49% of the total OPEN shares outstanding. The investor’s shares have plunged by -355,753 from its previous 13-F filing of 67749786.0 shares. With the completion of the buy transaction, Sylebra Capital Ltd.’s stake is now worth $46,280,599. Slate Path Capital LP acquire a 4.42% interest valued at $33.88 million while BlackRock Fund Advisors sold a -128,223 stake. A total of -1,789,164 shares of Opendoor Technologies Inc. were sold by First Trust Advisors LP during the quarter, and 7,124,655 were bought by BIT Capital GmbH. In its current portfolio, Renaissance Technologies LLC holds 11,672,100 shares valued at $16.11 million.
In terms of Opendoor Technologies Inc. share price expectations, FactSet research, analysts set an average price target of $2.57 in the next 12 months, down nearly -40.48% from the previous closing price of $2.94. Analysts anticipate Opendoor Technologies Inc. stock to reach $8.00 by 2023, with the lowest price target being $1.00. In spite of this, 12 analysts ranked Opendoor Technologies Inc. stock as a Hold at the end of 2023.