Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
TEMPE, AZ—Opendoor Technologies Inc. (NASDAQ:OPEN) Chief Legal Officer Sydney Schaub recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The transactions, conducted on April 15 and April 16, were part of a predetermined trading plan. The sales come as the real estate technology company faces challenging market conditions, with its stock down 57% over the past year and trading near its 52-week low of $0.85.
On April 15, Schaub sold 17,162 shares at a weighted average price of $0.9588, totaling approximately $16,454. The sale was executed under a Rule 10b5-1 plan, specifically to cover tax obligations associated with previously granted restricted stock awards. This sale was not a discretionary trade by Schaub.
The following day, April 16, an additional 126 shares were sold at a price of $0.9525, amounting to about $120. This transaction was also part of a Rule 10b5-1 trading plan adopted on September 3, 2024.
Following these transactions, Schaub retains direct ownership of 1,606,288 shares of Opendoor Technologies. The sales were part of a strategy to manage tax liabilities and do not necessarily indicate a change in Schaub’s outlook on the company’s prospects.
In other recent news, Opendoor Technologies reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of -$0.16, slightly better than the forecasted -$0.17. The company also exceeded revenue projections, recording $1.08 billion against a forecast of $965.32 million. Despite these positive results, Opendoor’s full-year 2024 revenue saw a decline to $5.2 billion from $6.9 billion in 2023, reflecting challenges in the real estate market. JMP Securities and UBS both revised their price targets for Opendoor, with JMP lowering it to $1.75 while maintaining a Market Outperform rating, and UBS reducing it to $1.20, keeping a Neutral rating. UBS highlighted concerns about Opendoor’s unsold inventory and the increase in delistings, though they acknowledged the company’s cost-control measures and new pricing model. JMP Securities noted Opendoor’s proactive steps to improve its cost structure, positioning the company for potential future growth. These developments underscore the ongoing challenges and strategic adjustments Opendoor is making in a fluctuating market environment.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.