Opendoor Technologies Inc. (NASDAQ:OPEN) stock is trending on Friday.
Check out the current price of OPEN stock here.
After-Hours Climb
According to the Benzinga Pro data, the San Francisco-based company climbed 3.74% to $4.43 in after-hours trading on Thursday following significant insider buying activity and continued momentum from Federal Reserve rate cut speculation.
Insider Buying Signals Confidence
Company President Shrisha Radhakrishna purchased 30,000 shares of OPEN stock on Thursday, at prices of $4.27 and $4.42 per share, according to SEC Form 4 filings. The $128,120 open market purchase brings his total holdings to 4.28 million shares.
See Also: Offerpad Stock Plunges 26% After-Hours After Searing Hot Rally
The timing aligns with Radhakrishna’s recent promotion to interim principal executive officer on August 15. His compensation package includes a $700,000 base salary and $250,000 retention bonus, signaling the board’s commitment to leadership stability during the company’s transformation.
Technical Resistance and Rate Cut Momentum
OPEN shares have experienced extreme volatility, surging 103.33% year-to-date with a trading range of $0.51 to $5.87. The stock faces technical resistance near $4.85, a level that has triggered selling pressure repeatedly over two years.
The iBuying platform benefits directly from Federal Reserve policy shifts. Lower interest rates increase housing market activity and consumer affordability, core drivers of Opendoor’s business model.
Sector Sympathy Play Emerges
Competitor Offerpad Solutions Inc. (NASDAQ:OPAD) rallied in sympathy, gaining over 310% in two months. Investment banks including Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS), and JPMorgan Chase (NYSE:JPM) forecast multiple rate cuts through 2026.
Market observers note both stocks have developed meme-like characteristics, with rapid price swings driven more by momentum than fundamentals. The $3.67 billion market cap company trades with average daily volume of 393.45 million shares, reflecting heightened retail investor interest.
Price Action: The digital real estate company closed at $4.27 on Thursday, rising 6.22% for the day.
With a strong Momentum in the 97th percentile, Benzinga’s Edge Stock Rankings indicate that OPEN has a positive price trend across all time frames. Know how its momentum lines up with other well-known names.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
