BUZZ-Opendoor Technologies climbs on Q1 rev beat, upbeat forecast

Reuters05-03

** Shares of online real estate firm Opendoor Technologies

rise 11% to $2.23 premarket

** Co posts Q1 rev of $1.18 bln, beating est. $1.09 bln- LSEG data

** Q2 rev forecast in range of $1.4 bln-$1.5 bln, midpoint in line with estimates- LSEG data

** Eric Feder, president of LENX and senior executive at homebuilder Lennar Corp appointed to OPEN's board of directors

** "The most important driver for the stock will continue to be purchase volumes, which remain 30% below break-even levels," said KBW, while maintaining its "market perform" rating and cutting the stock's PT

** Avg recommendation of 12 brokerages is an equivalent of "hold;" median PT is $3.05 - LSEG

** As of last close, OPEN down 54.7% YTD vs Nasdaq's 5.5% rise

(Reporting by Ankika Biswas in Bengaluru)

((Ankika.Biswas@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment