Opendoor shares soar as investors predict gains in home buying market after Zillow's exit

Some analysts were already touting Opendoor's expertise before Zillow CEO Rich Barton said on Tuesday that his company has "been unable to accurately forecast future home prices at different times in both directions by much more than we modeled as possible."last month due to what it called a "backlog in renovations and operational capacity constraints." The stock fell almost 10% on Oct. 18, the day of the announcement.

Opendoor rose 3.1% on the day Zillow announced its pause. Analysts at BTIG wrote in a report that Zillow "may have gotten ahead of itself on inventory," while Opendoor appears to have moderated its activity "by dialing back purchases." In a note to clients on Wednesday, analysts at JMP downgraded Zillow even though "we expect iBuying to take share of residential real estate transactions" as the model goes more mainstream. They named Opendoor and smaller rival, rose 5.7% on Thursday though the stock is still down since it started trading in September.

PropyInc 🕰🏰👑

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Zillow shuts down homebuying business, laying off 25% of workforceInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. This is bullish Zillow正在关闭其购房业务，并解雇25%的员工 Ok
Source: BusinessInsider - 🏆 729. / 51 Read more »

Zillow Ending Home-Flipping Business, Will Lay Off 25% Of StaffZillow Group says it will stop buying and selling homes, citing the unpredictability of forecasting housing prices. you can blame hgtv for your abject FAILURE IN THE FLIPPING BIZ zillow HGTV showed us you always make $ flipping and total renos only take 30 - 60 minutes I think they were lying to us 🤣 good Their TV ads are so obnoxious!
Source: HuffPostWomen - 🏆 27. / 68 Read more »

Zillow plunges 24% to lowest since July 2020, after company exits home-buying businessAnalysts slashed their ratings on Zillow on Wednesday, a day after the company said it will no longer buy and sell homes because of unpredictable pricing. Honestly i never thought to earn as much as have earn now Though i didn't know the trading process at first thekimal thought me steps to earn from Bitcoin trading have been earning massively trading with her Get your BTC and DM the account manager thekimal Amazing that they can lose money in one of the best housing markets in history.
Source: CNBC - 🏆 12. / 72 Read more »