New York, February 23, 2026, 06:28 ET — Premarket
- Opendoor slid roughly 2% before the bell, pulling back after Friday’s strong rally.
- Opendoor is working to show that its “Opendoor 2.0” overhaul can actually boost margins, even as it restarts buying homes.
- This week, traders are scanning U.S. data and Fed commentary for any signs on rates—a critical lever for stocks tied to housing.
Opendoor Technologies Inc slid 2.2% to $4.89 ahead of the bell Monday, trimming gains after Friday’s 7.5% jump. 1
The stock has turned into something of a barometer for risk appetite among housing-linked players: sharp swings, heavy trading action. Its business model holds up when home prices are stable, but things get rough fast when that changes.
Investors are sifting through the company’s argument: trimming operations should push it toward adjusted breakeven, despite a forecast for softer near-term revenue. The key issue—will those better-performing “cohorts” of homes, purchased and resold under the revamped approach, translate into improved reported margins soon enough?
Opendoor reported fourth-quarter revenue of $736 million on Thursday, a sharp drop from $1.084 billion the year before, with net losses reaching $1.096 billion. The company bought 1,706 homes in the quarter—a 46% jump from the previous period. Looking ahead, Opendoor expects first-quarter revenue to slip about 10% compared to the fourth quarter and is projecting an adjusted EBITDA loss somewhere in the low to mid-$30 million range. “This quarter demonstrates we are executing on that plan,” CEO Kaz Nejatian said. 2
Nejatian highlighted “faster inventory turns” and “disciplined selection” as Opendoor looks to limit risk on its homes — assets that can drop in value fast if prices retreat. Traders keep an eye on the company’s “contribution margin,” which tracks profit after direct costs of buying, holding, and selling properties. It’s a line item that often shifts ahead of the main profitability numbers. 3
Opendoor operates as an iBuyer, or “instant buyer,” snapping up homes from sellers—usually paying cash—then putting those homes back on the market. The model can accelerate deals, but it leaves Opendoor on the hook for swings in home prices, mortgage rates, and whatever it costs to keep that inventory financed.
Still, the risks are clear enough. If U.S. housing demand slips or rates spike again, resales could stall, markdowns might pile up, and homes could end up sitting on the books longer—a bad mix for a business built on fast turnover. Meanwhile, a regulatory filing disclosed that Chief Financial Officer Christina Schwartz unloaded 74,248 shares on Feb. 17 at a weighted average of $4.3184 in a “sell to cover” deal, covering tax obligations from restricted stock grants. 4
Looking ahead, traders are eyeing if Opendoor can push purchases higher but avoid piling up inventory risk. Margin trends are also in focus as the company cycles older homes through its pipeline and reports quarterly numbers.
Key macro moves are on deck. Fed Governor Christopher Waller will speak both Monday and Tuesday. Then on Tuesday, the Conference Board drops its consumer confidence numbers. Producer price index lands Friday—data that can jolt rate bets and send housing-related names moving quick. 5
