Opendoor Technologies Inc. (NASDAQ:OPEN) shares closed 15.57% higher on Thursday, following the company’s Q3 results, with revenue coming in at $2.3 billion, up 91% from the previous quarter. The company provided its Q4 outlook, expecting revenue to range from $3.1 billion to $3.2 billion. The results were a significant relief for investors given the questions that have come up post-Zillow's exit from iBuying.
Analysts at Wedbush said they believe the company has come out of the quarter the unquestionable leader in the space, highlighting that it is a strong operator, with a better pricing model. While the company continues to operate as it did prior to Zillows' exit and is still focused on the 99% of the market not transacting digitally, the analysts see the clearer path as a long-term positive as well, with the launch of Opendoor Complete helping to bring the flywheel together.
