Opendoor Technologies Inc. (OPEN) Sees a More Significant Dip Than Broader Market: Some Facts to Know
In the latest market close, Opendoor Technologies Inc. (OPEN) reached $2.17, with a -1.36% movement compared to the previous day. The stock's change was less than the S&P 500's daily loss of 1.26%. Elsewhere, the Dow lost 0.86%, while the tech-heavy Nasdaq lost 1.54%.
Coming into today, shares of the company had lost 13.73% in the past month. In that same time, the Business Services sector lost 4.74%, while the S&P 500 lost 3.67%.
The investment community will be paying close attention to the earnings performance of Opendoor Technologies Inc. in its upcoming release. The company is slated to reveal its earnings on November 2, 2023. The company's upcoming EPS is projected at -$0.17, signifying a 67.31% increase compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $985.97 million, indicating a 70.66% downward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.22 per share and revenue of $7.23 billion, indicating changes of -32.61% and -53.58%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for Opendoor Technologies Inc. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Opendoor Technologies Inc. boasts 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 is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow OPEN in the coming trading sessions, be sure to utilize Zacks.com.
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Opendoor Technologies Inc. (OPEN) : Free Stock Analysis Report
