IPOB - Opendoor begins trading with small gain lands first bull rating

Opendoor Labs and Social Capital Hedosophia Holdings Corp. II (IPOB) closed on their merger to form Opendoor Technologies (OPEN).Opendoor is now trading and showing a 1.75% gain in early action. Opendoor Technologies will raise approximately $1B from the transaction to fuel growth, market expansion and development of new product offerings, as well as accelerate the company's plans to expand nationwide and build the first digital one-stop-shop to buy and sell a home Co-Founder and CEO Eric Wu will continue to lead the newly formed company.Oppenheimer is in early with coverage on Opendoor, assigning it an Outperform rating and a 12-month to 18-month price target of $34."OPEN is the leading digital iBuyer platform, allowing residential real estate consumers to seamlessly buy and sell homes online. The company seeks to capitalize on the accelerated behavior shift to buying/selling online in an undisrupted $1.6T US real estate industry, leveraging its first-mover status to realize superior scale

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Opendoor begins trading with small gain, lands first bull rating