Opendoor Technologies Inc. (NASDAQ:OPEN ) Q3 2024 Earnings Call Transcript November 7, 2024 5:00 PM ET Company Participants Kimberly Niehaus - IR Carrie Wheeler - CEO Christy Schwartz - Interim CFO Conference Call Participants Ygal Arounian - Citigroup Ryan Tomasello - KBW Nick McAndrew - Zelman & Associates Operator Good day and thank you for standing by. Welcome to the Opendoor Third Quarter 2024 Earnings Conference Call.
The company is hurting from rising mortgage rates for residential real estate loans.
The largest iBuying platform in the U.S. could be a potential multibagger stock.
Although this real estate stock has gotten crushed so far, its low price could be a buying opportunity.
The sheer scope of Opendoor's pullback was more the result of unlucky timing than an indictment of the company's prospects.
OPEN's underwhelming FQ3'24 guidance has triggered its stock underperformance compared to its peers/wider market, despite the potential tailwinds from the Fed's recent pivot. Even so, the US average mortgage rates have been moderating, with RDFN already reporting a +68% MoM in mortgage-rate locks by September 23, 2024. Combined with the higher mortgage-purchase applications, we believe that OPEN may generate a robust FY2025 performance, if not earlier by FQ4'24.
Which of these real estate stocks is a better buy as interest rates decline?
Opendoor's business has been declining amid pressures in residential real estate. It has a huge market opportunity and disruptive technology.
Opendoor Technologies (NASDAQ:OPEN) is certainly an intriguing stock to many investors.
Opendoor Technologies Inc. (NASDAQ:OPEN ) 2024 Goldman Sachs Communacopia and Technology Conference Call September 9, 2024 7:25 PM ET Company Participants Carrie Wheeler - Chief Executive Officer Conference Call Participants Michael Ng - Goldman Sachs Michael Ng Welcome to the Opendoor Presentation at the Goldman Sachs Communacopia and Technology Conference. I have the privilege of introducing Carrie Wheeler, who is the CEO of Opendoor.
Opendoor's stock was crushed by rising interest rates. Its business is gradually recovering as the housing market stabilizes.
Interest rate cuts are likely to drive a recovery in the housing market. Opendoor and Redfin have a lot of upside potential in a recovery.