Rittenhouse Research: OpenDoor OPEN is a home-flipper... A real estate owner with a net $800MM of homes on its balance sheet, trading at a $4.8B market cap. Buying OPEN shares here is more or less buying ownership in these homes at a 600% premium to their underlying value. Insinuating that OPEN shorts want to "make home ownership harder" is economically illiterate.
OPEN is the posterchild for a failed concept - iBuying has been tried multiple times, by various different entities, with all sorts of bells and whistles ("muh AI"), and has never worked. The business simply doesn't scale as local markets are nuanced and volumes and values are cyclical.
OPEN generated $568MM of operating losses during the rip-roaring real estate market of 2021. It didn't work then, and it's not going to work now.
OpenDoor OPEN is a home-flipper... A real estate owner with a net $800MM of homes on its balance sheet, trading at a $4.8B market cap. Buying OPEN shares here is more or less buying ownership in these homes at a 600% premium to their underlying value. Insinuating that OPEN shorts want to "make home ownership harder" is economically illiterate.
OPEN is the posterchild for a failed concept - iBuying has been tried multiple times, by various different entities, with all sorts of bells and whistles ("muh AI"), and has never worked. The business simply doesn't scale as local markets are nuanced and volumes and values are cyclical.
OPEN generated $568MM of operating losses during the rip-roaring real estate market of 2021. It didn't work then, and it's not going to work now.
11/9/25