TEMPE, Ariz.—Carrie Wheeler, Chief Executive Officer of Opendoor (NASDAQ:OPEN) Technologies Inc. (NASDAQ:OPEN), recently offloaded 552,408 shares of the company’s common stock. The shares were sold at an average price of approximately $1.88 per share, amounting to a total transaction value of about $1.04 million.
This transaction was carried out on December 16, 2024, under a pre-arranged trading plan known as a Rule 10b5-1 "sell to cover" election. This type of sale was specifically aimed at covering tax withholding obligations related to previously granted restricted stock awards, and it was not a discretionary trade by Wheeler. The company currently shows mixed financial signals, with InvestingPro analysis indicating a current ratio of 4.53, suggesting strong short-term liquidity, though the company faces challenges with cash burn.
Following this sale, Wheeler retains direct ownership of 14,098,112 shares of Opendoor Technologies. The stock sale involved multiple transactions with prices ranging from $1.845 to $1.92.
Opendoor Technologies, headquartered in Tempe, Arizona, operates as a real estate company that aims to simplify the home buying and selling process through its digital platform.
In other recent news, Opendoor Technologies Inc. reported mixed Q3 results, surpassing revenue expectations with $1.4 billion, despite a challenging housing market. The company announced new executive appointments, including Selim Freiha as CFO and Shrisha Radhakrishna as CTO, along with a workforce reduction and separation of its Mainstay unit to save costs. These strategies are part of Opendoor's focus on achieving profitability, with Q4 revenue projected between $925 million and $975 million, and a contribution profit of $15 million to $25 million.
In addition, Opendoor has expanded its "List with Opendoor" service nationwide and is making marketing investments to enhance brand trust and conversion rates. However, the company also anticipates a Q4 adjusted EBITDA loss between $60 million and $70 million, and restructuring expenses of around $17 million. Despite these financial pressures, Opendoor is committed to operating efficiently, maintaining brand awareness, and diversifying its business through new initiatives like the Marketplace. These are some of the recent developments at Opendoor Technologies Inc.
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