Megan D. Meyer, the President of Sell Direct & Services at Opendoor (NASDAQ:OPEN) Technologies Inc. (NASDAQ:OPEN), has recently sold 114,757 shares of company stock, according to a new SEC filing. The transactions, which occurred on July 15, were executed at a weighted average price of $2.3403 per share, totaling approximately $268,565.
The sales were carried out in multiple transactions with prices ranging from $2.245 to $2.42. The SEC filing disclosed that these transactions were made to cover tax withholding obligations related to the settlement of previously granted restricted stock awards. It is important to note that this sale was not a discretionary trade by Meyer.
Following the sale, Meyer still owns a substantial number of Opendoor shares, with a post-transaction total of 4,489,065 shares in her possession. The company, Opendoor Technologies Inc., is known for its innovative role in the real estate sector, providing digital platforms for residential real estate transactions.
Investors and stakeholders of Opendoor Technologies can request detailed information about the specific prices and number of shares sold at each price point directly from the reporting person or the company. This recent transaction provides insight into the trading activities of one of the company's top executives and reflects the ongoing financial decisions being made within Opendoor's leadership.
In other recent news, Lantheus (NASDAQ:LNTH) Holdings, Opendoor Technologies, and Marathon Digital (NASDAQ:MARA) Holdings have emerged as significant market gainers, with notable increases in their stock values. Lantheus Holdings saw a 1-week price total return of 58.55%, with analysts from InvestingPro setting a fair value estimate at $138.02. Similarly, Opendoor Technologies experienced a 1-week total return of 33.68%, with a fair value target set at $2.5 by analysts and a slightly higher estimate of $2.92 from InvestingPro. Marathon Digital Holdings rounds out the top three with a 1-week return of 29.16%, with a fair value target set at $22 by analysts and InvestingPro's estimate at $23.82.
In other recent developments, Opendoor Technologies announced the election of three Class I directors at its 2024 Annual Meeting of Stockholders and ratified Deloitte & Touche LLP as its independent auditor for the fiscal year ending December 31, 2024. However, Deutsche Bank (ETR:DBKGn) reduced its price target for Opendoor to $2.40 from $4.00, maintaining a Hold rating on the stock. This adjustment followed Opendoor's first-quarter performance, which surpassed Deutsche Bank's and the broader market's expectations. Similarly, Keefe, Bruyette & Woods also reduced its price target for Opendoor to $2.45 from $3.00, keeping a Market Perform rating on the stock. The firm's assessment followed Opendoor's recent quarterly financial report, which showed revenue and adjusted EBITDA surpassing both Keefe, Bruyette & Woods' and the consensus estimates.
InvestingPro Insights
In light of the recent stock sales by Megan D. Meyer, President of Sell Direct & Services at Opendoor Technologies Inc. (NASDAQ:OPEN), investors may be keen to understand the broader financial context of the company. Here are some InvestingPro Insights to consider:
InvestingPro Data shows that Opendoor Technologies has a market capitalization of approximately $1.89 billion. Despite the company's significant role as a prominent player in the Real Estate Management & Development industry, the company's revenue has declined sharply by -63.01% over the last twelve months as of Q1 2024. This could be indicative of the challenges the industry or the company specifically is facing.
With a P/E ratio (adjusted for the last twelve months as of Q1 2024) standing at -4.99, the company's valuation reflects its current earnings challenges. Moreover, the gross profit margin during the same period is relatively low at 8.61%, which aligns with one of the InvestingPro Tips that Opendoor suffers from weak gross profit margins.
Investors should also note the strong price performance in the short term, with a 1-week price total return of 43.16% as of the date provided. This is consistent with another InvestingPro Tip highlighting the company's significant return over the last week. Such a surge could reflect market reactions to recent company developments or broader economic factors.
For those considering investing in Opendoor Technologies, there are additional InvestingPro Tips available that could provide deeper insights into the company's financial health and stock performance. In fact, there are 7 analysts who have revised their earnings upwards for the upcoming period, which may signal a positive outlook for the company's future performance.
To access these additional tips and detailed analyses, investors can visit InvestingPro at https://www.investing.com/pro/OPEN. Moreover, by using the coupon code PRONEWS24, investors can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing them with valuable tools and information to make more informed investment decisions.
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