New York, June 3, 2026, 08:02 EDT
- Opendoor OPEN was last seen near $5.37 in premarket. The stock closed at $5.41 on Tuesday.
- Traders are watching for Russell 3000 inclusion as a near-term catalyst for the stock, set to happen after the market closes on June 26.
- CEO Kaz Nejatian is urging shareholders to get their votes in before the annual meeting on June 11.
Opendoor Technologies Inc shares slipped in premarket trade Wednesday after a strong move up on big volume, driven by its upcoming entry into the Russell 3000 and a renewed effort from CEO Kaz Nejatian to engage retail investors ahead of the annual meeting next week.
The stock changed hands near $5.37 premarket, a bit under its $5.41 close on Tuesday. Early session trades ranged from $5.35 to $5.38. U.S. markets were still in premarket trading; regular hours for Nasdaq are 9:30 a.m. to 4:00 p.m. ET.
Opendoor said last week it will join the Russell 3000 Index after the U.S. market closes on June 26. Inclusion in the index can trigger buying from index funds, which may need to adjust their holdings.
FTSE Russell’s 2026 reconstitution calendar sets the timeline for traders. Preliminary lists came out in late May, with updated lists scheduled for June 5, June 12, and June 18. The new indexes go live after the June 26 close. The Russell 3000 counted 3,023 securities at the April 30 rank date, according to LSEG data.
The stock gained 1.9% Tuesday, trading 56.4 million shares, about 51% over its three-month average, The Motley Fool reported, citing market data. Zillow Group edged up 0.3% the same session. Offerpad Solutions, a smaller iBuying rival, fell 1.2%. Housing-related platforms had a split day.
Another event is coming up soon. Opendoor is set to hold its annual meeting on June 11. Shareholders will vote on three board seats, the auditor and an advisory say-on-pay measure, according to the proxy.
Opendoor said in a proxy filing Tuesday that both ISS and Glass Lewis told shareholders to vote against board member Nejatian. Nejatian wrote to shareholders: “Don’t outsource your vote. Read the proxy. Vote your shares.” Opendoor Technologies Inc.
Opendoor’s results show it is still stuck in turnaround mode. First-quarter revenue came in at $720 million, down from $1.15 billion last year. Net loss hit $173 million, also worse than the $85 million loss in the same period a year ago.
Opendoor management is pitching the turnaround with improved inventory turns and higher margins. In May, CEO Nejatian told investors Opendoor was adjusted EBITDA profitable looking ahead 12 months from April 1. Adjusted EBITDA strips out interest, taxes, depreciation, amortization and some other costs. “The machine is working,” he said at the time. Opendoor Technologies Inc.
But things could go south, too. The company warns about risks like a weak housing market, swings in mortgage rates, home price moves, tighter financing, heavy competition and slower inventory sales. If homes start selling more slowly or prices drop, demand tied to Russell reshuffling may not be enough to calm worries about losses and balance sheet strain.
Small-cap risk wasn’t getting any help from the broader tape ahead of the bell. U.S. stock futures traded mixed Wednesday. S&P 500 and Dow futures pointed lower. Nasdaq futures edged higher. Oil was up as investors watched Middle East tensions.
