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Others might think I'm nuts, but I think $OPEN is a 10x from here over the next 3-5 years. Business has stabilized, they now have more data over a wider range of rates than we've seen in decades and the drop in rates over the next few years will power a massive recovery.
Slow and steady move by Opendoor CEO Carrie Wheeler to get the company back to scale ?
$OPEN
Tyler Okland, MD
To close out April, Opendoor posted its biggest week of home purchases (195) since mid-December, 2022.
Opendoor's purchase volume:
April > March > February
$OPEN
“The bottom line: With $1.3 billion in cash, Opendoor has the time and space to retreat, regroup, and realign the business to not only stem its losses, but position itself for future growth.”
“Compared to 2022, Opendoor’s CAC has tripled to $16k during the first quarter of 2023 – a very unsustainable number in the long term, but one reflective of sustained brand marketing coupled with markedly fewer purchases.”
“Opendoor’s recent cost-cutting: fixed operating expenses are down $100 million, or 50 percent, from Q2 2022, driven through a reduction in advertising spend, layoffs, and other cost-cutting measures.”