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Is Opendoor Technologies Stock a Buy Now?

TheMotleyFool

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Is Opendoor Technologies Stock a Buy Now?: https://g.foolcdn.com/editorial/images/736425/buying-a-home-real-estate-agent-sold.jpg

Opendoor (NASDAQ: OPEN) has been a tough stock to hold over the past two and a half years. The online real estate company went public by merging with a special purpose acquisition company (SPAC) on Dec. 21, 2020, started trading at $31.47 on the first day, and eventually closed at its all-time high of $35.88 on Feb. 11, 2021.

But today, Opendoor's stock trades at about $3. It lost over 90% of its market value as rising interest rates rattled the real estate market, throttled its growth, and cast a harsh light on its widening losses. Should investors still shun Opendoor's stock after that steep drawdown, or should they consider buying it as a turnaround play?

Image source: Getty Images.

Source Fool.com

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