Citi last night downgraded Opendoor Technologies (OPEN) to Sell from Neutral with a price target of 70c, down from 80c. The firm cites its significantly reduced sales estimates, the 250% rally in the shares since July 1, and slowing home purchase and resell activity for the downgrade. Opendoor is keeping its fixed cost base amid the the macro challenges, which is putting pressure on its profitability, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OPEN:
- Opendoor’s Earnings Call: Strategic Gains Amid Market Challenges
- Opendoor Technologies downgraded to Sell from Neutral at Citi
- Mixed options sentiment in Opendoor Technologies with shares down 20.63%
- Opendoor (OPEN) CEO Looking to Take Advantage of Meme-Stock Moment
- Opendoor Technologies: Sell Rating Amid Weakening Housing Market and Profitability Concerns