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House Flipper Opendoor Says It Can Thrive in a Downturn
The stock market has been cruel to Opendoor Technologies Shares of the online home buyer have crashed 75% since early 2021, when Opendoor and other digital disrupters like Carvana were lavished with fabulous valuations on fast-growing revenue, without having to show profits. At a recent stock price of $7.30, Opendoor (ticker: OPEN) is valued at about $7.5 billion, including some $2.5 billion of debt—or a little more than 40% of the $18 billion in sales that analysts forecast for this year. Opendoor executives now find themselves pressed to explain and justify the computerized home-flipper’s approach, even after reporting a sevenfold jump in first-quarter revenue, to $5.2 billion, with solid free cash flow from operations.
