Too early to tell if Opendoor’s strategic reset is working, says BTIG

BTIG reiterated a Neutral rating on BTIG after the company delivered “ok” results and guidance against modest expectations as it works through inventory purchased by prior management, with the analyst adding that it is too early to tell whether the new team’s strategy is working. Acquisitions are indeed ramping, and the company says that margins are too on newer cohorts, but that has yet to show in consolidated results and is hard to validate from the outside, the analyst tells investors in a research note. The firm added that it tentatively brings up its 2026 numbers on higher gross margin and contribution margin assumptions given the upbeat commentary, though it continues to model to losses versus guidance for positive annualized adjusted net income by year-end.

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