Opendoor (OPEN) Stock Continues to Sees Selling Pressure: A Good Opportunity?

The online real estate technology firm Opendoor Technologies Inc (NASDAQ:OPEN) saw its stock rally strongly on Tuesday after it managed to beat analysts’ estimates comfortably in the first quarter.

Opendoor (OPEN) Stock Continues to Sees Selling Pressure: A Good Opportunity?

In addition to that, the projections for the second quarter were also higher than analysts’ expectations. The stock is still down by as much as 50% from its peak in February and hence, there might be further upside to the stock following the company’s performance in the first quarter.

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It emerged that Opendoor managed to add as many as six new markets during the course of the first quarter and added an equal number of markets in April as well as May. In the first quarter, the company managed to sell 2462 residential properties, which reflects a year-on-year rise of 190%. On the other hand, the revenues also went up by as much as 200% sequentially. In light of the strong performance, Opendoor could be a stock that could go into the watch lists now.

Uson Abdilazhanov

Editor and Computer Expert A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.