Opendoor Technologies Inc. (OPEN) is experiencing a decline in its stock price today, influenced by a recent price target reduction by Morgan Stanley. The investment firm lowered its price target for Opendoor by $1, reflecting concerns over the company's future performance amid a challenging real estate market. Additionally, the broader market sentiment is being affected by anticipation of the upcoming December CPI report, which could indicate rising inflation and potentially lead to further market selloffs. This negative sentiment is compounded by a recent increase in short interest for Opendoor, with a 5.93% rise from the previous month, indicating growing bearish bets against the stock.
The stock is currently trading at $1.40, down 4.84% from its previous close of $1.47. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 8,563,068 shares, representing 23.39% of its average daily volume of 36,607,213 shares, indicating active trading this morning.