OPEN - Why Opendoor Stock Plunged 34% in April
2024-05-06 09:26:05 ET
Opendoor Technologies (NASDAQ: OPEN) stock dropped 34% in April, according to data provided by S&P Global Market Intelligence . There wasn't any news specific to Opendoor in April, but the market was pessimistic due to stubborn inflation, and companies like Opendoor that are affected by inflation took a strong hit from the negative sentiment.
Opendoor operates an iBuying business, which means it buys properties for resale on its website and provides a digital marketplace for homes. It sees several competitive advantages, such as being able to help a family sell and buy in almost one transaction for a seamless, lower-cost experience.
It uses artificial intelligence (AI) to accurately and quickly price homes so it can move quickly to make a cash offer, and it uses the same large pool of data points to manage inventory and optimize its portfolio. It sees real estate as an industry largely untouched by and ripe for digital disruption, bringing it massive potential to benefit from the eventual move.
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Why Opendoor Stock Plunged 34% in April