Where Will Opendoor Stock Be in 1 Year?
Opendoor (NASDAQ: OPEN) seemed like a promising growth stock when it went public by merging with a special purpose acquisition company (SPAC) in Dec. 2020. The online real estate company streamlined home sales by making instant cash offers for homes, repairing those properties, and relisting them for sale on its online marketplace. At the time of its public debut, about 90% of Opendoor's transactions were completed without any real estate agents -- which made it an appealing option for sellers and buyers. It also provided app-based home buying and financing services for its potential buyers.
Opendoor's stock closed at an all-time high of $35.88 on Feb. 11, 2021. But today, it only trades at about $3. Its stock collapsed as rising interest rates disrupted the real estate market and cast an unflattering light on its staggering losses.
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Source Fool.com
