Opendoor (OPEN) Climbs 10.5% as Traders Mimic $1-Million Insider Buying Ahead of Dividends

We recently published Market Beaters: 10 Stocks Defying the Odds. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the best-performing stocks on Wednesday.

Opendoor Technologies extended its winning streak to a third straight day on Wednesday, soaring 10.50 percent to close at $9.37 apiece as investors mirrored a key executive’s acquisition of shares ahead of an upcoming dividend payment.

Opendoor Technologies Inc. (NASDAQ:OPEN) told the Securities and Exchange Commission on the same day that its CEO, Kasra Nejatian, acquired 125,000 common shares at a price of $8.0365 apiece for a total of $1.004 million.

The acquisition followed earlier announcements that the company would pay on November 21 warrant dividends to common shareholders as of the November 18 record date.

Under the terms, each investor holding 30 common shares of Opendoor Technologies Inc. (NASDAQ:OPEN) would receive one each of Series K, A, and Z warrants, exercisable at prices of $9, $13, and $17, respectively. The new warrants will be listed on the stock exchange under the symbols OPENW, OPENL, and OPENZ, subject to shareholder approval.

The warrants are set to expire on November 20, 2026, unless earlier converted into shares.

Also earlier this week, Opendoor Technologies Inc. (NASDAQ:OPEN) announced the results of its earnings performance in the third quarter of the year, with revenues of $915 million, a decline of 33 percent from the $1.377 billion in the same period last year, but exceeded its earlier guidance of $800 million to $875 million.

Net loss, on the other hand, widened by 15 percent to $90 million from $78 million in the same comparable period, amid a 37 percent lower gross profit.

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