Opendoor Technologies, Inc. (NASDAQ:OPEN) shares rallied on Wednesday after the company disclosed that it intends to expand some operations throughout the U.S.
- OPEN stock is climbing. See the real-time price action here.
(Vague) Expansion
In an SEC filing, Opendoor made a vague statement that it is planning to offer its services—such as buying homes for cash, providing enhanced "Cash Plus" selling options or working with partner real estate agents to list homes—across the entire U.S. in the "coming weeks."
No further details were available at the time of publication.
The disclosure combined with new leadership, investor optimism ahead of a widely expected Federal Reserve interest rate cut and a rally fueled partly by high short interest drove the stock higher on Wednesday.
According to data from Benzinga Pro, 26.61% of outstanding OPEN shares were being sold short.
Opendoor Connects With Retail Investors
In the same SEC filing, Opendoor reinforced its close relationship with individual investors.
The filing directed investors to consider Opendoor's website, press releases, SEC filings, blogs, community hub and social media accounts, as well as the X accounts of its CEO @CanadaKaz, and @Opendoor, as official means of disclosing material non-public information.
CEO Kaz Nejatian confirmed the message to retail investors in a post on X. Opendoor wants investors to get information straight from its leaders for improved trust and clarity, he said.
"This morning we filed an 8K to say that my and @Opendoor's X accounts would be used to talk with our investors. We've also parted ways with our former external PR agencies. When we want to talk, you will hear from us. Not paid professionals who don't share our mission," Nejatian wrote.
OPEN Price Action: Opendoor stock rallied Wednesday, trading 14% higher at the time of publication. According to data from Benzinga Pro, Opendoor shares have gained more than 750% over the past six months.
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