TEMPE, Ariz.—Opendoor (NASDAQ:OPEN) Technologies Inc. (NASDAQ:OPEN) recently disclosed stock transactions involving its Chief Legal Officer, Sydney Schaub. According to the 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 decline 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 "sell to cover" plan, executed to fulfill tax withholding obligations related to previously granted restricted stock awards.
The following day, January 16, Schaub sold an additional 110 shares at a price of $1.55, totaling $170. This sale was conducted under a pre-established 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 deeper insights into Opendoor's valuation and financial health, including 18 additional ProTips and comprehensive analysis, visit InvestingPro.
In other recent news, Opendoor Technologies Inc. reported mixed Q3 results, surpassing revenue expectations with $1.4 billion, despite the challenging housing market and a 27% decline in home acquisitions. 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 a workforce reduction expected to save $50 million annually and the separation of its Mainstay unit, adding another $35 million in savings.
Opendoor's Q4 revenue is projected to be between $925 million and $975 million, with a contribution profit of $15 million to $25 million. However, an adjusted EBITDA loss between $60 million and $70 million is anticipated. The company's "List with Opendoor" service has expanded nationwide, and investments in marketing are planned for Q4 to prepare for the spring selling season.
Despite the challenging housing market leading to lower home price appreciation and a shift towards older, lower-margin homes, Opendoor is launching its Marketplace initiative in new regions to diversify the business and reduce capital intensity. These are among the recent developments as Opendoor navigates market headwinds while maintaining a focus on achieving profitability and fostering growth.
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