Stock Track | Opendoor Technologies Plunges After Analyst Slashes Price Target

Stock Track11-09

Shares of Opendoor Technologies Inc. (OPEN) plummeted by 7.49% on Thursday, following a price target cut by JMP Securities, a leading financial services firm.

In a research note issued earlier today, JMP Securities analyst Ronald Josey lowered the firm's price target on Opendoor from $3.25 to $2.50, citing concerns over the company's growth prospects and profitability. Despite the price target reduction, Josey maintained an "Outperform" rating on the stock, suggesting that the firm still sees potential upside in the long run.

Opendoor, a pioneer in the iBuying industry, has been facing challenges in recent months as the housing market continues to cool off. The company's business model, which involves buying and reselling homes, has been impacted by rising mortgage rates and declining home prices, leading to concerns about its ability to generate consistent profits.

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