Opendoor Technologies Stock Surges 21% on New CEO’s AI Vision Amid Mixed Earnings
Opendoor Technologies (OPEN) shares rallied 21.5% Monday as investors embraced new CEO Kaz Nejatian's strategic pivot toward AI integration and volume growth, despite posting a wider-than-expected Q3 loss. The real estate platform's $915 million revenue beat estimates but marked a 34% annual decline.
JPMorgan maintained its Overweight rating, citing the leadership transition as a 'major transformation' catalyst. Market sentiment improved further as weak October jobs data heightened expectations for Fed rate cuts—a tailwind for Opendoor's asset-heavy model.
The company now targets profitability by late 2026 through algorithmic pricing enhancements and transaction scaling. This tech-driven approach mirrors broader fintech trends where AI adoption is becoming a key valuation differentiator.