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

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Following Zillow's announced departure from the iBuying home market, investors are pouring into Opendoor.

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.

 

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