Digital real estate platform Opendoor (NASDAQ:OPEN) Technologies made its stock market debut almost a year ago through an SPAC deal. However, the stock has declined in double percentage digits since, despite the booming housing market. So, should one scoop the shares of OPEN now? Read more to learn our view.Opendoor Technologies Inc. (OPEN) in San Francisco is a digital real estate platform. The company made its stock market debut through a reverse merger with institutional investor Chamath Palihapitiya’s Social Capital Hedosophia Holdings II on December 21, 2020. Palihapitiya labeled this merger as his next “10x idea,” indicating the initial investment is expected to generate 10x returns.
The merged company was valued at $4.8 billion. Regarding this, OPEN Founder Eric Wu said, “This is one of many milestones towards our mission and will help us accelerate the path towards building the digital one-stop-shop to move.” It was ranked #35 on CNBC’s 2020 Disruptor 50 list.
However, shares of OPEN have declined 52.5% in price since its listing to close yesterday’s trading session at $13.30. The stock has slumped 38.2% over the past month and 11.2% over the past five days.