Opendoor (OPEN) Ends "Meme Rally" on Profit-Taking, Shares Up 75% Month-to-Date

We recently published 10 Stocks Crash as AI Glow Fades. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of Wednesday’s worst performers.

Opendoor Technologies extended its losses to a second day on Wednesday, shedding 11.05 percent to close at $3.22 apiece as investors continued to sell off positions following what analysts deemed a “meme rally” last week.

In just the past 14 trading days of the month, Opendoor Technologies Inc. (NASDAQ:OPEN) has already seen a 75-percent surge in its share prices, enough to merit a profit-taking amid the lack of catalysts to sustain the rally.

In recent news, 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.

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.

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