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Opendoor Technologies Shows Potential for Turnaround
Opendoor Technologies Inc. (Nasdaq: OPEN), a San Francisco-based real estate development company, has regained compliance with Nasdaq’s minimum bid price requirement by maintaining a closing bid of at least $1.00 for 12 consecutive trading sessions. This comes amidst rising interest from retail investors, particularly on platforms like Reddit’s ‘Wall Street Bets’, similar to the response experienced by Carvana (CVNA) earlier this year.
As of September, interest rates are projected to drop, with a 71% chance according to PolyMarket, which could rejuvenate the residential real estate market, benefiting Opendoor. The company currently has 40 million shares, or approximately 38% of its float, shorted, meaning a continued rise in stock price could lead to a short squeeze like that of GameStop (GME).
Key Data
– Current stock price compliance status: Closed above $1.00 for 12 sessions
– Short interest: ~40 million shares (~38% of float)
– Projected interest rate cut: 71% chance in September
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