Opendoor Stock Surges 10% on Hedge Fund Interest and Rate-Cut Hopes
Opendoor Technologies (OPEN) surged nearly 10% on Friday after a regulatory filing revealed hedge fund DE Shaw acquired a 6.4% stake in the company. The stock closed at $6.75, extending its 2025 rally to over 325%. This mirrors a September bounce when Jane Street disclosed a 5.9% position, suggesting growing institutional interest in the iBuying platform.
Market sentiment further benefited from shifting rate expectations. New York Fed President John Williams' comments fueled speculation about potential December cuts, which could revive housing demand. For Opendoor's algorithm-driven home-flipping model, even marginal improvements in mortgage affordability may significantly impact transaction volumes and pricing power.