Opendoor Technologies (OPEN) Soars to New High on Rate Cut, US Expansion

We recently published All-Time Rush: 8 of 10 Big Names Hit Fresh Record Highs. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the best performers on Tuesday.

Opendoor bounced back on Wednesday to hit a new all-time high as investors cheered twin developments that sparked buying appetite—an interest rate cut and plans to expand operations across the entire US.

During the session, Opendoor Technologies Inc. (NASDAQ:OPEN) soared to its highest 52-week price of $10.87 before trimming gains to end the day just up by 14.46 percent at $10.21 apiece.

The rally came after the Federal Reserve officially pulled the trigger for a 25-basis point rate cut and signals of more reductions in the future.

The announcement spelled good news for the company and the broader residential market known to be highly sensitive to interest rates. Lower interest rates could unlock greater lending potential by encouraging more borrowings from homebuyers.

Meanwhile, Opendoor Technologies Inc. (NASDAQ:OPEN), under the new management, announced plans to offer its services “through the entire continental United States in the coming weeks.”

The expansion planned followed the return of its co-founders Keith Rabois and Eric Wu, and the installation of its new CEO, Kaz Nejatian, following the resignation of its former chief, Carrie Wheeler.

While we acknowledge the potential of OPEN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.