Here's Why Opendoor Technologies Inc. (OPEN) Fell More Than Broader Market
Opendoor Technologies Inc. (OPEN) closed the latest trading day at $2.95, indicating a -1.01% change from the previous session's end. This change lagged the S&P 500's daily loss of 0.31%. Elsewhere, the Dow lost 0.41%, while the tech-heavy Nasdaq lost 0.27%.
Coming into today, shares of the company had gained 3.83% in the past month. In that same time, the Business Services sector gained 1.81%, while the S&P 500 gained 3.05%.
Market participants will be closely following the financial results of Opendoor Technologies Inc. in its upcoming release. It is anticipated that the company will report an EPS of -$0.17, marking a 73.44% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $1.08 billion, indicating a 65.31% decline compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.59 per share and a revenue of $6.06 billion, representing changes of +50.42% and -12.73%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Opendoor Technologies Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, Opendoor Technologies Inc. holds a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 88, placing it within the top 35% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Opendoor Technologies Inc. (OPEN) : Free Stock Analysis Report
