Opendoor Gains After Cathie Wood’s ARK Buys Shares By

© Reuters.

By Dhirendra Tripathi – Opendoor Technologies Inc (NASDAQ:) shares rose more than 4% Tuesday, buoyed by Cathie Wood’s Ark Invest active ETFs, which adding 633,400 shares to its portfolio.

The San Francisco-based online real estate company makes as-is cash offers to property sellers through an online process, improves and repairs the properties it purchases, and then relists them for sale.

Opendoor became publicly-traded via a merger with blank-check company, Social Capital Hedosophia Holdings, in December, raising net proceeds of $970 million.

Its 2020 revenue came at $2.58 billion, as compared to $4.74 billion for 2019, a drop of 44%. For the first quarter of 2021, revenue is expected to be between $600 million and $625 million, which represents 146% sequential growth over the December quarter.

Ark discloses its trades daily through Friday. The daily trades are not comprehensive lists of a day’s trades and exclude initial/secondary public offering transactions and ETF creation/redemption unit activity.

The shares, after accounting for today’s rise, are almost half of their 52-week high of $39.24.

Wood has carved a legend for herself with her bullish calls on many companies she sees as disrupting the status quo like those in biotech and renewable energy. She is most famous for her ultra-bullish calls on Tesla Inc (NASDAQ:) since 2019, when few trusted the Elon Musk company to even survive.

Ark has a target price of $3,000 for each Tesla share by 2025.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Sanchez worried over losing his spark at Man United By Reuters

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.