Opendoor Stock Surges on Hedge Fund Stake and Rate Cut Speculation
Opendoor Technologies (OPEN) shares rallied 9.58% to $6.75 after DE Shaw disclosed a 6.4% stake, mirroring September's surge when Jane Street Capital took a position. The hedge fund's holding, primarily through its short-term trading vehicle DE Shaw Valence Portfolios, suggests tactical positioning rather than long-term conviction.
Market sentiment got an additional lift from New York Fed President John Williams' dovish comments, fueling bets on a December rate cut that WOULD benefit housing-sensitive stocks. Despite the rally, Wall Street remains cautious with a Hold rating and $4.35 average price target—35% below current levels.
The stock's 325% year-to-date gain reflects speculative fervor around proptech disruptors, though fundamental concerns persist about Opendoor's iBuying model in a slowing housing market.
