Opendoor (OPEN) Gets 19% Boost From Leadership Change

We recently published 10 Stocks Shine Brighter Than Wall Street. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of Monday’s top performers.

Opendoor Technologies extended its rally to a third consecutive day on Monday, adding 19.24 percent to close at $3.78 apiece as investors cheered leadership changes in the company following the resolution of a regulatory hurdle that pushed its stock to the brink of delisting.

Late last week, Opendoor Technologies Inc. (NASDAQ:OPEN) announced the immediate resignation of CEO Carrie Wheeler, who took over the role in 2022 but failed to reassure investors of the ongoing turnaround efforts. She was temporarily replaced by chief technology officer Shrisha Radhakrishna while a permanent CEO has yet to be named.

“The last weeks of intense outside interest in Opendoor have come at a time when the company needs to stay focused and charging ahead,” Wheeler wrote in a post on X.

“I believe the best thing I can do for Opendoor now is to accelerate my succession plans that I shared with the Board mid-year and make room for new leadership to take the reins,” she added.

Meanwhile, Opendoor Technologies Inc. (NASDAQ:OPEN) recently regained compliance from the Nasdaq after it notified the company earlier this year of its failure to meet the $1 minimum bid price requirement to stay listed.

The issue was resolved after Opendoor Technologies Inc. (NASDAQ:OPEN) announced on August 1 that it had successfully traded above the minimum level for 12 consecutive days from July 15 to 30.

In the second quarter of the year, Opendoor Technologies Inc. (NASDAQ:OPEN) remained at a net loss of $29 million, albeit lower by 68 percent than the $92 million in the same quarter last year.

Revenues inched up by 3.7 percent to $1.567 billion from $1.511 billion in the same comparable period.

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