Opendoor Technologies Inc. (OPEN) shares rose 19.79% in after-hours on Wednesday, August 12, 2021, and closed the daily trading at $17.37. In the regular trading session on Wednesday, OPEN’s stock lost 2.36%. OPEN shares have risen 33.27% over the last 12 months, and they have moved down 0.07% in the past week. Over the past three months, the stock has lost 4.48%, while over the past six months, it has shed 57.35%.
Let’s have a brief look at its recent developments.
OPEN recent financial results announcement
On August 11, 2021, Opendoor Technologies Inc (OPEN) announced financial results for its quarter ended June 30, 2021.
Q2 2021 financial highlights
- OPEN reported revenue of $1.2 billion for Q2 2021 compared to $739.8 million in Q2 2020.
- In Q2 2021, gross profit was $159 million compared to $ 54.57 million in Q2 2020.
- Total operating expenses were $311.5 million in Q2 2021 compared to $93.43 million in Q2 2020.
- It reported a net income(loss) of $144 million in Q2 2021 compared to $56 million in Q2 2020.
- Adjusted EBITDA was $26 million in Q2 2021 compared to $2.14 million in Q2 2020.
The financial outlook for Q3 2021
For Q3 2021, the company is expecting
- Revenue in the range of $1.8 billion – $1.9 billion
- adjusted EBITDA in the range of $15 million – $25 million
OPEN Completed Redemption of All Outstanding Warrants
On July 26, 2021, Opendoor Technologies Inc (OPEN) announced the results of the completed redemption of all of its outstanding warrants to purchase shares of the Company’s common stock, par value $0.0001 per that were issued under the Warrant Agreement, dated April 27, 2020, by and between the Company and Continental Stock Transfer & Trust Company, as to warrant agent, as amended by the First Amendment to the Warrant Agreement, dated March 22, 2021, by and among the Company, CST and American Stock Transfer & Trust Company, as to warrant agent, as part of the units sold in the Company’s initial public offering that remained outstanding at 5:00 p.m.
Conclusion
The recent financial results were the reason behind its gains in the after-hours on Wednesday and OPEN stock can continue to surge in the coming days as well.
