TEMPE, Ariz.—Schaub Sydney, the Chief Legal Officer of Opendoor (NASDAQ:OPEN) Technologies Inc. (NASDAQ:OPEN), recently sold a significant portion of the company's common stock amid a challenging year that has seen the company's shares decline over 57% year-to-date. According to a Form 4 filing with the Securities and Exchange Commission, Sydney sold a total of 75,358 shares over two days in a company currently valued at $1.24 billion.
On December 16, Sydney sold 74,801 shares at a weighted average price of $1.8828, resulting in a total transaction value of $140,835. The following day, an additional 557 shares were sold at an average price of $1.915, totaling $1,066.
These transactions were executed under a Rule 10b5-1 plan, designed to allow insiders of publicly traded corporations to set up a predetermined plan to sell company stock. Sydney's sales were made to cover tax obligations associated with previously granted restricted stock awards, as noted in the filing.
Following these transactions, Sydney continues to hold 1,190,394 shares of Opendoor Technologies.
In other recent news, Opendoor Technologies Inc. navigated a challenging housing market to surpass revenue expectations for Q3 2024, reporting a revenue of $1.4 billion. The company announced the appointment of Selim Freiha as CFO and Shrisha Radhakrishna as CTO, alongside plans for a workforce reduction and the separation of its Mainstay unit to save costs. Despite a decrease in home acquisitions, Opendoor is focusing on profitability, projecting Q4 revenue between $925 million and $975 million, and a contribution profit of $15 million to $25 million.
The company also expanded its "List with Opendoor" service nationwide and is investing in marketing to boost brand trust and conversion rates. However, restructuring expenses of approximately $17 million are expected to impact the fourth quarter. The leadership team is committed to operating efficiently and achieving breakeven adjusted net income. These are among the recent developments in the company.
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