Opendoor stock drops to fresh lows amid high interest rates

Opendoor Technologies stock has dropped to fresh 52-week and record lows as elevated debt costs and higher interest rates pressuring the housing market weigh on investors, according to The Globe and Mail and Yahoo Finance. Simply Wall Street reported that the shares fell to US$2.12, marking an 18.34 percent decline over 30 days and a 53 percent drop over 90 days. [1][2][3]

Market attention is focusing on fresh profitability concerns in the current housing environment alongside the company's newly launched Opendoor Own co-ownership program, which requires a two percent down payment, Simply Wall Street reported. Yahoo Finance noted that the stock experienced a rebound following its record low. [1][3]

Opendoor Technologies is a San Francisco based online residential real estate platform that offers instant cash offers on homes. The company repairs the homes it buys before relisting them, and provides financing and mobile application services. [5]