Up More Than 200% This Year, Can Opendoor Stock Keep Soaring?
The stock market is gaining momentum again after taking a dip for about a month. Spending is holding up despite inflation and rising interest rates, and while many retailers are feeling the pinch of macroeconomic issues, other companies are keeping up a strong performance.
Housing is one industry that's been seriously impacted by rising interest rates, since fewer people can afford mortgages when rates are sky-high. After factoring in long-term payments, prices for the same house could end up being double what they were when rates were low.
There have been several new digital-housing platforms that generated investor excitement when the housing market was strong, but they've been having a tough time in this climate. Opendoor Technologies (NASDAQ: OPEN) made waves as an ibuyer, what was supposed to the be new and improved alternative to typical real estate transactions. But sales have plunged along with the housing market. Despite the poor performance, Opendoor's stock has rebounded and is up 236% year to date. Let's see why and whether or not there's more to go.
Source Fool.com
