Today, one of the interesting movements we’re seeing in the market is with Opendoor Technologies (NASDAQ:OPEN). Shares of this popular real estate technology company have surged on increased investor interest. Currently, OPEN stock has moved more than 10% higher on an otherwise bullish day in the stock market.
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Aside from macro tailwinds taking most stocks higher, Opendoor has its own catalysts. This technology company has become one of the interesting ways investors have played the surge in residential home prices. This technology company has become one of the key players in the “iBuying” market. That is, Opendoor uses its proprietary algorithmic technology to buy and sell homes on the open market.
In bull markets, this strategy tends to outperform. Buying more homes as prices surge tends to result in more profits. However, the backdrop of rising interest rates have put investors on the defensive with such stocks. Accordingly, OPEN stock has underperformed for some time, losing nearly two-thirds of its value over the past year.
Today, concerns around rising interest rates have abated somewhat, with macroeconomic conditions improving. Accordingly, companies such as Opendoor that are highly sensitive to interest rates are rallying.
Let’s take a look as to whether the analysts think now is the time to jump into this stock.
What Do the Experts Think of OPEN Stock?
Among the prominent analyst notes on Opendoor are the following:
- Keefe Bruyette analyst Ryan Tomasello initiated coverage on OPEN stock, placing a $13 price target and a market perform rating on this company.
- BofA Securities analyst Curtis Nagle placed an underperform rating and an $8 price target on OPEN stock, citing concerns around the company’s iBuying platform.
- Finally, Edward Yruma of Keybanc is one of the bulls on OPEN stock, with a $24 price target and a buy rating on this company.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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