Why the Market Dipped But Opendoor Technologies Inc. (OPEN) Gained Today
The latest trading session saw Opendoor Technologies Inc. (OPEN) ending at $2.45, denoting a +0.82% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 0.01%. Elsewhere, the Dow gained 0.04%, while the tech-heavy Nasdaq lost 0.25%.
Heading into today, shares of the company had lost 23.82% over the past month, lagging the Business Services sector's loss of 2.01% and the S&P 500's loss of 1.6% in that time.
Market participants will be closely following the financial results of Opendoor Technologies Inc. in its upcoming release. The company plans to announce its earnings on November 2, 2023. In that report, analysts expect Opendoor Technologies Inc. to post earnings of -$0.17 per share. This would mark year-over-year growth of 67.31%. At the same time, our most recent consensus estimate is projecting a revenue of $985.97 million, reflecting a 70.66% fall from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$1.22 per share and a revenue of $7.23 billion, representing changes of -32.61% and -53.58%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Opendoor Technologies Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 past month, the Zacks Consensus EPS estimate has remained steady. Opendoor Technologies Inc. presently features 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 95, placing it within the top 38% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Opendoor Technologies Inc. (OPEN) : Free Stock Analysis Report
