If You'd Invested $100 in Opendoor Stock 1 Year Ago, Here's How Much You'd Have Today
Key Points
Opendoor's results have been disappointing as it continues to operate in a challenging landscape.
It appointed a new CEO in September who's committed to getting results.
- 10 stocks we like better than Opendoor Technologies ›
It looked like the meme stock craze that sent AMC and GameStop stocks to the stratosphere during the pandemic was over, but the retail investors have returned with a vengeance.
Opendoor Technologies (NASDAQ: OPEN) stock is their latest target, and after hitting a dangerous low of $0.51 per share in June, it has skyrocketed nearly 1,500%.
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Even though the hype started through a social media campaign, the company has made some important changes, and it's sustaining the momentum.
Image source: Getty Images.
New CEO, new vision
Opendoor has had a rough time since interest rates went up, taking mortgage rates with them. Fewer home buyers are looking for a new place, leaving fewer homes for sale. Not a great recipe for growth for a company whose business is buying and reselling homes, and Opendoor has been losing money.
Retail investor dissatisfaction with the current state of affairs led to a CEO switch, and the market is excited about Shopify veteran Kaz Nejatian. He outlined a strategic growth plan in the third-quarter earnings report, and if he can pull it off, there's a chance that Opendoor can make healthy progress, even though the real estate industry is still facing strong pressure.
Investors who bought Opendoor stock last year could not have foreseen these developments, but they're benefiting from there. The stock is up 364% over the past year, and if you'd have invested $100 a year ago, you'd have $463 today.
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Jennifer Saibil has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy.
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