TEMPE, Ariz.—Opendoor (NASDAQ:) Technologies Inc. (NASDAQ:OPEN) recently disclosed stock transactions involving its Chief Legal Officer, Sydney Schaub. According to an SEC filing, Schaub sold a total of 18,914 shares of common stock over two days. The real estate technology company, currently valued at $1 billion, has seen its stock drop over 50% in the past year, trading near $1.44 per share.
On January 15, Schaub sold 18,804 shares at a weighted average price of $1.5232, amounting to approximately $28,642. The transaction was part of a Rule 10b5-1 “cover sale” plan executed to satisfy withholding tax obligations related to previously granted restricted stock.
The next day, January 16, Schaub sold an additional 110 shares at $1.55, for a total of $170. This sale was made pursuant to a predetermined Rule 10b5-1 trading plan adopted on September 3, 2024.
Following these transactions, Schaub retains ownership of 1,171,480 shares of Opendoor common stock. For a deeper look at Opendoor’s valuation and financial health, including 18 additional expert tips and comprehensive analysis, visit InvestingPro.
In other recent news, Opendoor Technologies Inc. reported mixed third-quarter results, beating revenue expectations with $1.4 billion, despite a challenging housing market and a 27% decline in home purchases. The company announced key executive appointments, including Selim Freiha as CFO and Shrisha Radhakrishna as CTO, and strategic changes to adapt to market conditions. These changes include workforce reductions expected to save $50 million annually and the spin-off of the Mainstay unit, adding another $35 million in savings.
Opendoor’s fourth-quarter revenue is forecast to be between $925 million and $975 million, with a profit of $15 million to $25 million. However, an adjusted EBITDA loss of between USD 60 million and USD 70 million is expected. The company’s “List with Opendoor” service has expanded nationwide, and marketing investments are planned for the fourth quarter to prepare for the spring selling season.
Despite a challenging real estate market leading to lower home price growth and a shift to older, lower-margin homes, Opendoor is launching its Marketplace initiative in new regions to diversify operations and reduce capital intensity. This is one of the recent developments as Opendoor navigates the market headwinds while maintaining a focus on achieving profitability and driving growth.
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