Shares of Opendoor Technologies Inc (OPEN) plummeted 5.22% in the pre-market trading session on Monday, following a cautious outlook from analysts. The stock was down significantly, underperforming the broader market.
In a recent research note, KBW analyst Ryan Tomasello maintained a Hold rating on Opendoor Technologies and set a price target of $1.55. Analysts' neutral stance on the real estate technology company could be weighing on investor sentiment, leading to the stock's decline.
Opendoor Technologies, a leading player in the iBuying industry, has faced challenges in recent times due to the volatile housing market and concerns over its business model's profitability. Despite efforts to streamline operations and improve efficiencies, the company's path to profitability remains uncertain, contributing to analysts' cautious outlook.
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