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Why Opendoor Stock Tumbled 24% in August

TheMotleyFool

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Why Opendoor Stock Tumbled 24% in August: https://g.foolcdn.com/editorial/images/746597/real-estate-for-sale-sign.jpg

Shares of Opendoor Technologies (NASDAQ: OPEN) fell last month after the real estate tech company posted disappointing results in its second-quarter earnings report. The company continues to feel pressure from elevated mortgage rates and a sluggish housing market.

According to data from S&P Global Market Intelligence, the stock lost 24% in August. As you can see from the chart below the stock plunged on its earnings report at the beginning of the month, though it recouped some of those losses toward the end of August as stocks rebounded.