Opendoor Technologies Inc (OPEN) saw its stock price decline by 6.12% on January 13, 2025, closing at $1.38, down from the previous close of $1.47. The stock opened at $1.41 and fluctuated between a high of $1.42 and a low of $1.33 throughout the day. Trading volume was significantly higher than average, with 68,790,888 shares changing hands, indicating heightened investor activity. The decline was primarily driven by a price target reduction from Morgan Stanley, which lowered its target by $1 due to concerns over Opendoor's performance in a challenging real estate market. Additionally, Citi's recent price target cut to $1.80 and CEO Carrie Wheeler's sale of over half a million shares, totaling more than $1 million, further fueled investor skepticism about the company's future prospects.
The broader market sentiment also played a role, as investors were cautious ahead of the upcoming December CPI report, which could signal rising inflation. This, combined with a 5.93% increase in short interest, suggests growing bearish sentiment towards Opendoor. The company's financial struggles, highlighted by a net loss of $78 million and a hefty debt load, have exacerbated concerns about its path to profitability.